Riyadh-Based Joi Gifts Raises US$1 Million In A Pre-Series B Funding Round Funded by Dubai-based venture studio Enhance Ventures, Joi Gifts is an online gifts marketplace covering the MENAT region.
You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.
Riyadh-based online gifts marketplace Joi Gifts has raised US$1 million in a Pre-Series B funding round led by Dubai-based venture capital Panthera Capital, an investment arm of UAE-headquartered global investment conglomerate Fujairah Holding, and a few regional and international angel investors.
Rami Kahale, CEO of Joi Gifts, said that the MENAPT region's online gifts sector is experiencing consistent growth with existing merchants looking for online sales opportunities and a diverse set of customers with an appetite to shop online. "The region is set to witness an acceleration in online gifting," he added. "Thanks to the support and trust of our investors in the model and our business, we're excited to capitalize on this opportunity and continue to scale the business."
Having introduced the option for customers to send NFTs and pay for them using just their credit cards, in February 2022, Joi Gifts has also begun an Express Gift Delivery service, which offers customers in Riyadh, Dubai and Amman the opportunity to have their gifts delivered to any given address in under 90 minutes.
In 2021, Joi Gifts raised a Series A of $2.5 million from Knuru Capital, MENA Moonshots and Saudi Aramco's venture investments arm Wa'ed Ventures. Funded by Dubai-based venture studio Enhance Ventures Joi Gifts states that its revenue has doubled since 2021, and that it continues to experience double-digit growth month-on-month.