UAE’s Digital Gifting Site YOUGotAGift Raises $3 Million in Funding
The new funding will support the startup’s expansion in Saudi Arabia and across the Middle East.
YOUGotAGift, a UAE-based digital gifting platform, has raised $3 million in funding from Tenami Capital, a newly launched investment platform.
Founded in 2012 by Husain Makiya and Abid Bibi, YOUGotAGift enables users to buy gift cards from popular stores and send it to their friends, family or co-workers to buy what they want.
“The Middle East is home to one of the youngest, fastest-growing and digital-savvy populations in the world,” Husain Makiya, Co-Founder and CEO of YOUGotaGift, tells StartupScene. “Technology-enabled firms such as YOUGotAGift are at the forefront of the region’s transformation and we require innovative investors such as Tenami Capital to help fuel our growth. With a partnership-centric approach, the Tenami Capital team was flexible and supportive to structure a growth facility fitting our business needs. While the revenue-based investment structure is a new and novel concept, I am confident this investment will play a pivotal role in helping YOUGotAGift meet our long-term business objectives.”
The gifting platform has been used by customers across many industries including telecommunication companies, banks and airlines, according to the startup.
The new investments will support the startup’s expansion in Saudi Arabia and across the Middle East region.
The UAE was the most funded country in the MENA region during 2022, raising $1.19 billion throughout the year, according to Magnitt’s Emerging Venture Markets report. Fintech and e-commerce were the most funded sectors not only in the UAE, but across the region. Some gifting platforms that received funding recently include Kuwait’s Floward, raising $156 million and Kuwait’s Teeela raising $3.75 million.
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