The Giftery, an Egyptian e-gifting platform has raised seed investment from Springboard Investment Management Ltd. This being the startup’s second round of funding, the size of the investment remains undisclosed.
It has been reported that e-commerce accounts for 0.4% of retail sale in Egypt. As per Payfort’s report on the State of Payments in the Arab World, e-commerce will reach USD 2.7 Bn by 2020. Egypt is experiencing a massive growth in its e-comm industry with a 30% Y-O-Y growth.
The Giftery, founded by Sarah Aclimandos and Karim Atalla in 2010, claims to be region’s first online gifting e-commerce platform, hosting a wide range of gifting items for various occasions.
The startup has over 150 stores and brands on their platform and allows a user to create and curate their individual gifting list. The merchandise is made available for an audience of different age groups. The e-gifting platform plans to use this money for adding more features to its product and on improving its customer experience.
On securing the investment, Sarah Aclimandos, Founder and CEO of the, The Giftery, said, “We are excited to have Springboard as our partners on this journey. Over the past six years, we have managed to establish a strong connection with thousands of customers who use The Giftery regularly for all their gifting needs.”
“We believe that it is crucial in the coming period to market the services we offer to a wider customer base, to continue investing in technology, and to take customer comments and suggestions to heart to improve the current gifting experience,” she added.
Speaking about the investment, Gamal Guemeih, Co-Founder of Springboard said, “The Giftery has managed to become the go-to gifting platform for its customers, given the uniqueness of its services and its extensive portfolio of selected suppliers and products; factors that have set it apart from other e-commerce platforms. Its devoted management team has also succeeded in leveraging The Giftery’s first mover advantage to build operational expertise and adapt the model to the Egyptian market’s needs.”
Springboard is a Cairo-based investment company that invests in small and medium scale business across different industries in the Middle East & North Africa. The company also focuses on the creation and replication of successful business models that leverage natural resources of the region, and serve developing needs of its communities.
Hi! Here’s a little something for you. In the first edition of The African Podcast by WeeTracker, get access to the formula behind ‘Building a $ 100 Mn company (twice) in Africa’ with the co-founder of Andela & Flutterwave – Iyinoluwa Aboyeji. The exclusive podcast goes live soon, Subscribe here to listen to it.
9500+ subscribers are getting our free newsletter on African technology, startups and innovators bi-weekly.
Made with ❤ in Africa