YouGotaGift Completes Acquisition by Giftee Inc

Middle East Venture Partners (MEVP) has exited its investment in digital gift card pioneer YouGotaGift (YGG), which has been acquired by Japan-based eGifting platform Giftee Inc. MEVP, a leading VC firm in the MENA region, initially invested in YGG and grew its stake to 44% before selling its entire holding as part of this transaction. The acquisition by Giftee Inc marks MEVP's second exit to a publicly listed Japanese company, following the sale of Shahiya to Cookpad in 2014, and is MEVP's fifth exit to publicly listed companies overall. MEVP achieved a 5x cash on cash return from this exit, which contributes to improving the DPI of its 2nd fund, MEVFII, to 118%. YGG has been successful in establishing itself as a leader in the digital gift card market within the GCC, and the acquisition will enable Giftee Inc to expand its presence in the Middle East and leverage YGG's technological innovations. The acquisition is expected to further bolster YGG's position and provide global expansion opportunities, while the existing management team will remain to ensure continued growth. MEVP has been a prominent player in the MENA venture capital scene, managing four technology-focused funds with over $300 million in assets under management and engaging in more than 60 investments.