This also marks Springboard’s first sizeable investment in e-commerce, an industry that has grown over 30 percent year over year for the past three years in Egypt.
TheGiftery.com, a leading online one-stop-shop for gift and registry needs in the Middle East, has just announced their partnership with Springboard Investment Management, acquiring a stake in the company in its second round of seed investment. This transaction also marks Springboard’s first sizeable investment in e-commerce, a sector that is demonstrating significant activity in the past three years, growing over 30 percent year over year.
"We are the leading platform for gift shopping and gift-list services in Egypt, especially wedding gift lists," TheGiftery.com's Founder Sarah Aclimandos tells Startup Scene ME. From weddings to baby showers to house warmings, since its establishment in 2010, TheGiftery.com has been enabling customers to choose out of a selection of Egyptian gift stores, growing to more than 150 in the recent years. Now, they have even established their in-house line of gift baskets. "We have also partnered up with Mercedes-Benz," Aclimandos elaborates with pride. "It is the first time ever worldwide that they partner up and sell their accessories through a third party platform."
The team behind TheGiftery.com watched visits double since October after they had their website upgraded. "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," Aclimandos says. "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."
Therefore, with a sizeable investment that both parties chose not to disclose, the founder looks forward to use the funds for optimising their technology, marketing, and growing the team. "Springboard's investment will be used to implement the value creation plan prepared together with The Giftery’s management covering marketing, new features and improvements in the customer experience," comments Gamal Guemeih, Springboard's co-founder.
Springboard is a young investment firm that seeks to create an alliance of young entrepreneurs of advanced calibre and possess diverse professional backgrounds to identify and develop valuable investment opportunities. "The Giftery has managed to become the gifting go-to 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 ecommerce platforms," Guemeih adds. "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."
With "strong faith in the power of young, home-grown companies," the investment firm is looking forward to invest in multiple sectors over the coming period.
Main Image: The team behind TheGiftery.com. Courtesy of TheGiftery.com
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