Already operating in eight MENA markets, further expansion plans are afoot for the region’s biggest online gifts platform.
Dubai-headquartered online gifts platform, Joi Gifts, has announced its latest funding, a Series A round worth $2.5 million from Saudi and Emirati investors. The investment was led by Knuru Capital, a Dubai-based VC that focuses on fintech products and consumer marketplaces, but also included participation from Dubai’s MENA Moonshots and Saudi Aramco’s entrepreneurship arm, Wa’ed.
With the funds, Joi Gifts will look to fuel international expansion and add more markets to the right that it currently operates in. A product of regional venture capital studio, Enhance Ventures, Joi Gifts currently operates in UAE, Saudi Arabia, Bahrain, Qatar, Oman, Jordan, Lebanon and Egypt and this year reported a five-fold increase in its sales.
While details of its aggressive expansion plans have yet to be disclosed, it’s believed that the founding will be channeled into fueling short-term growth through awareness campaigns, customer acquisition and product development and further.
That’s not to say that Joi is shifting focus away from the MENA region, however With the GCC boasting the highest average spend on gifts globally, according to Enhance Ventures, CEO of Joi, Rami Kahale, understands the importance of maintaining its remarkable record in its home region.
“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,” he said of its Series A round. “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.”