Dubai-based gift card marketplace YOUGotAGift has raised $3 million in funding from newly established revenue-based investment platform Tenami Capital for expansion in the Middle East.
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. YOUGotAGift has raised a total of $3.3 million since its inception, according to Crunchbase.
Tenami Capital was created by a team of Gulf-based investment professionals to provide regional entrepreneurs with non-dilutive, revenue-linked growth capital and to solve the problem of exits in the venture capital industry. The investment will fund YOUGotAGift’s expansion in Saudi Arabia and the wider Middle East.
Electronic marketplaces have been seeing notable interest from investors. Another gifting platform JOI Gifts raised $1 million last year to launch a 90-minute express delivery service to offer gift items in five different categories.