Middle East’s largest online gifts platform Joi Gifts has raised $2.5 million in Series A venture capital funding from a group of Saudi and UAE investors in order to support its international expansion plans.
According to the statement, Knuru Capital, a UAE-based venture capital firm that specializes in the fintech industry and consumer marketplaces, led the round, which was joined by MENA Moonshots, a Dubai-based investor, and Wa’ed, Aramco’s entrepreneurship arm.
Launched in 2016, Joi is an online gifting platform and app offering more than 20,000 gift items available for same-day delivery. Joi Gifts is a part of Enhance Ventures, a major venture capital firm that develops online marketplaces to cover market gaps in the Middle East, North Africa, Pakistan, and Turkey.
As per the Enhance Ventures, the MENA region’s gifting market is valued at around $28 billion and expanding at more than 30 percent per year, with countries like Saudi Arabia and the UAE in the GCC having the highest average spend on gifts internationally.
“The online marketplace would use the funding injection to fuel short-term growth through awareness campaigns, customer acquisition, product development, and further regional expansion. We are thrilled with this investment, which enables Joi Gifts to further enhance and improve what is already the Mena region’s leading online one-stop shop for gifts. We are passionate about providing the best offering for customers in every market we operate in, and this new vote of confidence from our investors gives us the resources to deliver on our quality commitment.”
Mr. Fahad Alidi, the Managing Director of Wa’ed said, “The gifts industry is extremely well-suited to the Saudi market, and we see significant potential for Joi Gifts in the Kingdom. With the platform’s strong offering and focus on customer experience, we believe the Joi team is well-positioned here.”
“We have been impressed by the Joi Gifts team’s focus on growth while staying lean. They have managed to build a business with very favorable unit economics and scaled it regionally with just a seed round of funding. This is the hallmark of a strong team, and we are excited to partner with them on this journey,” commented Mr. Victor Sunyer, Partner at Knuru Capital.