An online gifts marketplace, Joi Gifts, has closed a $1 million pre-Series B funding to accelerate its venture plans.
The Head of Venture Capital & Private Equity at Panthera Capital, Sonali Goila, confirmed the development in a statement on Thursday.
Led by Panthera Capital, the round saw participation from other leading regional and international angel investors.
The startup was founded in 2016, and has its footprint in Middle East, North Africa, Pakistan and Turkey.
Ripples Nigeria gathered that the startup allows users to purchase and send tailored gifts.
The new fund will help the startup further invest in product innovation that will offer customers the ability to send NFTs to their loved ones, while paying for them using just their credit cards.
Speaking on the development, Sonali while commending the startup said:
“Panthera constantly looks for niche investment opportunities in tech-enabled, scalable startups targeting multiple emerging markets. We have been impressed by the Joi Gifts team’s focus on lean growth and innovation.
“We believe Joi Gifts’ unique offering and differentiated customer experience are what it takes to succeed in the region, and we look forward to playing an active role in their next phase of growth.”
The startup will also channel the funds into marketing as it continues to expand its core offering within categories such as toys and gifts for kids, beauty and personal care, jewelry and accessories, and homeware.
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