Saudi Arabia-based Ygii raises pre-seed investment round led by Flat6Labs
The new investment will be utilised to further develop its technology as well as strengthen its revenue streams. It will also be used to support its expansion and drive growth in the social commerce segment.
Saudi Arabia-based social commerce platform has closed its pre-seed investment round led by Flat6Labs, alongside a group of angel investors.
The funds will be utilised to further develop its technology as well as strengthen its revenue streams, as per a report by Wamda. It will also be used to support its expansion and drive growth in the social commerce segment.
Founded by Abdulkareem Aloumi and Ayman Alzamil in 2022, the platform enables users to create and share wish lists with friends and family through a mobile application. With this, it facilitates them to send and receive gifts digitally.
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Ygii, which operates across 50 countries, has witnessed a monthly increase of 34% in its user base.
Overall, the global social commerce market size was valued at $727.63 billion last year. It is expected to expand at a compound annual growth rate (CAGR) of 31.6% between 2023 to 2030, as per a report by Grand View Research.
Further, as per Research and Markets, social commerce industry in the Middle East and Africa (MEA) is expected to reach $9638.6 million in 2023.
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Edited by Megha Reddy