Joi Gifts receives $750,000 in funding to enter the nearly $30 billion Middle East gift market

Joi Gifts was founded in 2016 and operates in Saudi Arabia, the United Arab Emirates, Bahrain, Egypt, Jordan, Lebanon and Oman. The platform offers flowers, cakes and desserts, watches, jewelry and personalized gifts, with more than 20,000 gifts.

Joi Gifts official website

The new investors in this round include Germany's KI Group and some angel investors from Saudi Arabia and the United Arab Emirates. After receiving $750,000 in financing, Joi Gifts has raised a total of $3.5 million so far.

It is reported that Joi Gifs is currently preparing for Series A financing and is communicating with existing and new investors. Alper Celen, co-founder of Joi Gifts, said: "We believe in the sustainable growth and profitability of Joi Gifts, and we do not intend to waste investors' money on advertising platforms."

Alper also mentioned that the Middle East gift market is estimated to be worth $28 billion , and Joi Gifts is well positioned for explosive growth after receiving investment.

In the past 12 months, Joi Gifts has achieved a five-fold growth in business and has become profitable. After achieving profitability and obtaining financing, Joi Gifts first recruited a leadership team. It poached Rami Kahale from Careem, a subsidiary of Uber, as CEO and Mohsin Jawed from Talabat as director of operations.

Currently, the Joi Gifts team has more than 70 people. In a few days, Joi Gifts will be launched in Qatar and plans to land in Kuwait in April. One of Joi Gifts' goals this year is to open up 10 new countries.

In addition, Joi Gifts is also focusing on improving the user experience. In the next few months, Joi Gifts will launch new features through its online platform, such as artificial intelligence gift assistant and advanced personal gift membership services .

Joi Gifts also flexibly uses influencer marketing and has opened an "influencer store" on its official website. Consumers can choose gifts recommended by influencers in each "influencer store".

“Our goal is not only to expand our footprint and reach, but also to innovate,” said Rami Kahale . “The gift-giving culture in the Middle East is one of the strongest in the world, and our success with Joi Gifts can serve as a model for others to follow.”