Kuwait-based online fashion marketplace Nalbes has raised $2 million in its Series B round, the startup announced today.
Nalbes did not specify the names of investors but said that they include major family groups from Kuwait and veterans from the investment and banking industry. This round comes almost 18 months after the company raised $1.5 million from undisclosed investors. Nalbes said a statement that some of the existing investors also joined this latest round.
Founded in early 2017 by Abdulaziz Alanzi & Bader Alanzi, Nalbes sells clothing, bags, shoes, and accessories for men, women, and kids, through its website and mobile apps. The products listed on the platform are from the collections of GCC-based fashion designers, local private labels and international fashion brands.
Abdulaziz Alanazi, the founder and CEO of Nalbes, told MENAbytes that their focus is on the local fashion and they want to take the collections of GCC-based fashion designers and local private labels global by launching worldwide shipping in April this year. The startup currently ships across GCC countries only. He also added that currently the local fashion contributes more to their GMV and revenue.
The startup that claims to be the number one online fashion platform for men, women and kids categories in Kuwait currently said that it has over 20,000 styles with a “focus on the fashion products and categories that attract local customers such as modest, hijab friendly wear, and localization of new fashion trends for women and men segments in their 20s & 30s.”
Nalbes is also in talks with some additional investors who are keen to join in by Q4 this year, the startup said in the statement.