RIYADH: Kuwait-based gifting e-commerce platform Teeela plans to expand into Saudi Arabia and the UAE markets after raising $3.75 million in a pre-series A funding round led by Saudi investors.
The round was led by Saudi investment firm Wealth Well with participation from other Saudi investors like Mad’a Investment Co. and Al-Akeel family.
“This funding will underpin our regional expansion, support product development and strengthen our ability to attract top regional talent to be part of our journey,” Abdulwahab Al-Khulaifi, co-founder and CEO of Teeela said in a statement.
The deal will strengthen Teeela’s regional presence beyond its Kuwait headquarters as it targets the Middle East’s $30 billion gifting market, including family products, children’s goods and toys, it said in a press release.
Founded in 2017, the company offers a large selection of toys as well as customizable and personalized gifting options.
