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Middle East's toy and gifting marketplace is estimated at $30 billion a year. Image Credit: Supplied

Dubai: The Kuwait-based toy and gifting portal Teeela has roped in Saudi investment firm Wealth Well and others for a $3.75 million pre-Series A funding round. Others include Mad’a Investment Company and Al-Akeel family.

Teeela will now scale up across the GCC markets, with launches in the UAE and Saudi Arabia being ‘imminent’. The Middle East’s toy and gifting marketplace is estimated to be about $30 billion. “There is a huge opportunity to serve the gifting market with an exceptional range of products and personalized gift-wrapping options, providing customers with unmatched speed and convenience,” said Abdulwahab Al-Khulaifi, Co-Founder and CEO of Teeela. 

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“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 Image Credit: Supplied

Teeela, which launched in Kuwait during 2017, built its user base around same-day delivery services and an average time from order to handover of four hours.

“Teeela has carved a strong ecommerce niche in Kuwait which, through the right strategic partnerships and investment, can proliferate across the Middle East,” said Abdullah Abdulaziz Al-Othaim, CEO of Mad’a Investment Company. “The business is ideally suited to meet the high online retail expectations of GCC consumers.”