Get All Access for $5/mo

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.

By Entrepreneur Middle East Staff Edited by Aby Thomas

You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.

Joi Gifts

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.

Related: Shorooq Partners Launches The MENAP Region's First Online Program To Support Gametech Startup Founders

Entrepreneurs

Here Are The 20 Startups Selected For The Eighth Cohort Of The MBRIF Innovation Accelerator Program

The final participants of the year-long program were selected from over 200 applicants from across 35 countries.

Side Hustle

The Side Hustle He Started in His College Apartment Turned Into a $70,000-a-Month Income Stream — Then Earned Nearly $2 Million Last Year

Kyle Morrand and his college roommates loved playing retro video games — and the pastime would help launch his career.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Leadership

Steve Jobs' 3 Public Speaking Power Moves Remain Just as Relevant Today, 13 Years After His Final Keynote at the Apple Developers Conference

The co-founder and former CEO of Apple knew how to get big ideas across to consumers and investors.

Starting a Business

Watch Now: How to Create Goals That Will Turn Profit & Scale

Join us for this special Q&A with Clinton Sparks, who will share the techniques that can help you drive real results for your small business or aspiring ideas.

Starting a Business

Startup Spotlight: UAE-Based Egrobots Is Enabling Early Detection Of Crop Diseases In The MENA

Egrobots' robots can navigate complex terrain and confined spaces, ensuring access to hard-to-reach areas, and are equipped with sensors for comprehensive data collection.