Wee, a Dubai-based Yandex marketplace, has closed a $12 million investment round.

Dubai fund SIG Investments contributed $10 million for a company valuation of $40 million. Another $2 million was invested in the company by current shareholders.

SIG Investments received 25% of the company’s capital and the remaining 75% from current shareholders.

• Wee was launched in 2022 by the founder of Logsis (product delivery from online stores and retail chains) Oleg Dashkevich, Sergei Kolikov (responsible for warehouse and trade development at AML, DTS, Yandex Delivery) and Anastasia Kim (at Yandex Market ” was responsible for the development of the Yandex Delivery service).
• In 2023, former commercial director of Yandex Market and former chairman of the board of directors of SberMegaMarket, Evgeny Shchepelin, joined the founding team as head of the supervisory board.

The marketplace allows users in Dubai to order products for delivery within an hour and also deliver them the next day to the rest of the Emirates. The service works with sellers using an invite-only model, meaning it invites a limited number of sellers to the site.

The investments will be used to strengthen logistics capabilities and equipment, as well as to promote the fashion category. The marketplace also plans to build an ecosystem and create a super app based on its app.

The company does not reveal the number of users, the number of orders per day, the average bill or revenue, but it is known that next year Wee expects a turnover of $150 million (purchased orders).

Wee previously raised $6.5 million to expand into the United Arab Emirates. Of this figure, the founders themselves invested 1 million dollars at the beginning of the project, in February 2022 a round of 1.4 million dollars was closed and in the spring of 2023, 4.1 million dollars. The investors were companies from Russia and the CIS countries.