Kuwait-based venture capital firm Faith Capital announced its participation in the secondary share offering in Dubai-based online gifting platform YouGotaGift.
Launched in 2012, YouGotaGift offers a range of online card gifts from more than 400 brands through email, SMS and its app. It operates across three major business verticals including consumer gifting and employee and customer rewards. The investment will enable the startup to expand across the GCC.
“'YouGotaGift is disrupting the gift card industry in the Middle East. As an end-to-end digital business, it is leading the cultural shift to digital gifting for consumers and transforming the procurement & distribution of bulk rewards for businesses,” said Husain Makiya, founder and chief executive officer (CEO) at YouGotaGift. “It is operating in an industry predicted to grow to $700bn globally by 2024”.
YouGotaGift enables the integration of brand loyalty programmes, serving as a one-stop-shop, for brands like Noon, Carrefour, Lulu, Careem and ITunes to corporate clients including banks, telecommunications, government and private enterprises in the GCC and beyond.
“We at Faith Capital have kept an eye on technology companies looking to reinvent and digitise large fragmented offline markets. With so many players in the e-card space, YouGotaGift very clearly sets itself apart from the competition with its distinct module and rapid growth,” said Abdulaziz Al Loughani managing partner atFaith Capital. “We are proud to partner with innovative entrepreneurs like Husain Makiya, and naturally, Faith Capital looks forward to adding significant value as the company expands into additional GCC markets and scales up the operation.”