Wamda, the MENA region’s premier destination for all things entrepreneurial, recently featured an article on joi and it’s expanding investment growth. It talks to our founders Alper Celen and Ritesh Tilani about securing investment from Silcon Valley based venture capital fund 500 Startups. Learn how they went about securing confidence from this renowned organization and the secrets to what makes a winning startup….
Here is a snippet:
UAE-based gift-giving platform Joi has recieved investment from 500 Startups.
With this first round founders Ritesh Tilani and Alper Celen hope to augment traditional brick and mortar channels with their ambitious plan to become the region’s ultimate online gifting platform, for both individuals and corporates.
Hasan Haider, venture partner at 500 Startups says that Joi (pronounced joy) is in a league of its own. “No one in the region has truly taken on the challenge of disrupting the online gift and flowers market. It’s an ambitious proposition, yet a highly rewarding one, and we like to take risks.”
While the amount is undisclosed, Haider confirmed that 500’s investment was sourced from their global fund and from the $30 million valued 500 Falcons fund launched late last year, from which typical individual investments range between $50,000 to $100,000.
As a subsidiary of their holding company Enhance, where they develop online and mobile-enabled businesses in Middle East and Africa, the pair are looking to disrupt the online gifts sector with their on-demand and “experiential” platform.