Sprii closes $8.5 million in Series A
It has now raised $8.5 million in Series A funding, taking its total investment raised to $12.6 million.
Sprii plans to use the recently raised funding to accelerate its expansion across the Middle East as well as invest in technology and recruitment to offer better customer service.
“The first six months of 2019 have exceeded our expectations. We have launched a new application, opened our operations in Saudi and have now finalised our funding round early, which will allow us to continue to deliver on our promise to our loyal customers.”Sarah Jones, founder of Sprii
The online marketplace that connects mothers to their beloved global brands, Sprii has managed to create its own niche in the market, without taking too much risk. It does so by not managing inventories directly, but by simply connecting to partner inventories and providing customer support—middleman operations at its best.
We spoke to Sarah and asked her a few questions about the funding round. Here are excerpts:
Q: How did you secure this funding and what were the stages in the process?
A: Whenever we set out to raise a funding round, we focus on which investors we want to bring in, from which regions and how they can help us. This for us is crucial and has always been the focus of our fundraises rather than just the cash investment.
In the round we’ve just closed, we once again had huge support from our previous investors which has been very humbling. They’re excited by the business, our growth and our vision and continue to support us in our journey. The additional investors we brought in were from the region and support us across our whole supply chain; retail, distribution, logistics and can open doors in the new markets we are entering. This is something that can’t be “bought” and adds so much more value to the business than just “cash”.
Q: What do you plan to use the funding for?
A: We’re scaling, and scaling fast. This investment will allow us to invest even further into technology to support automation at every step of the process, continuing to improve the customer experience. It’ll also allow us to scale our commercial team and product range, and invest further in our operations and data teams so we can enter new markets quickly and efficiently.
Q: With this level of funding, do you have a structured plan for the company's expansion?
A: Yes, a very clear one and we will be able to share more in the coming months.
Q: As a business owner, how do you manage to balance the breathless pace of fundraising and running your company?
A: The key is to have a rockstar team that you trust implicitly. At Sprii, we’re incredibly fortunate to have this. Hiring the top global talent has been a primary focus of ours from day and it pays off every single day.
Q: How does the dynamic of a company change when you have a diverse set of investors on board?
A: It’s only positive. Our investor group is diverse, however all our investors have incredible passion and excitement for Sprii and what we’re trying to deliver. They’re supportive, smart, and really on board to help us grow.
Q: Finally, what is a piece of advice you have for business owners looking for funding/investment?
A: Never give up. Fundraising isn’t easy. It takes time to prepare for it. It takes time to meet potential investors and build these relationships. There are lots of ups and downs, lots of positive conversations and also people that turn you down. Don’t be disheartened if you hit roadblocks and keep going.