The Middle East’s $30 million gifting market is booming! The growth is driven by a rise in the use of eCommerce by consumers and businesses, the multi-ethnic makeup of the region (the UAE alone is home to 200+ nationalities), and the cultural (and religious) importance of gifting to build personal and professional relationships.
Innovative, tech-savvy entrepreneurs are transforming the industry. Kuwait-based Teeela, a gifting platform and app, recently raised $3.75 million in a pre-Series A funding round to fuel expansion across the GCC, product development, and team growth. Founded in 2018, Teeela delivers an exceptional range of products and personalized gifting options that include bespoke wrapping and last-minute ordering. Teeela provides customers with a unique experience, convenience, and speedy same-day delivery. Its app is very popular with customers and has conversion rates four to five times higher than average eCommerce marketplaces. Teeela’s business is ideally suited to meet the high online retail expectations of GCC consumers.
Privatus Counsel is proud to have assisted Teeela and its executive management with this exciting initiative. We are excited for the future of the gifting market and investment growth in the Middle East. The outlook for the gifting market is strong. Eco-friendly gifts, next-level personalization driven by technology and artificial intelligence, and m-commerce among millennial consumers who order products through their phones are among the trends that will continue to modernize this market. The Middle East, already a hub for innovation and start-up growth, is poised to build on its leadership position and test new ideas and technology to solve the problems of tomorrow.
Interested in learning more about investing in the Middle East? Let’s talk.