There’s nothing like a gap language to create a sort of lock-in for a startup, and that’s exactly what’s happened with e case of Gjirafa. Focusing solely on Albanian-speaking nations, co-founder and CEO Mergim Cahani started out out growing an Albanian language seek engine and then actually digitizing the united states’s records, from bus timetables to a database of neighborhood organizations and venues, and beyond.
buyers were been attracted to this ’rising-market technique’ and put in a $2 million collection A three years in the past to “develop the Balkans’ net economy” by using digitizing and indexing facts in Albania and Kosovo, as a result making Gjirafa the local leader in seek, e-trade, and on line advertising.
nowadays it claims 3 million month-to-month particular customers throughout its offerings and has now raised a chain B round of $6.7M from Rockaway Capital, which has been backing the business enterprise considering 2016. the new investment is intended for scaling the modern merchandise domestically.
The collection B will allow the corporation to double their current crew (currently at 70 complete time, and about one hundred in total with component-time), scale with the prevailing products locally, and supply other virtual offerings that aren’t to be had inside the location.
Dušan Zábrodský, funding partner at Rockaway, says: “Mergim Cahani and his team validated our consider and really succeeded in constructing a centrepiece of innovation for the complete place. thanks to this very fine revel in we’re dedicated to build up a virtual economy in the region and we actively explore new funding possibilities wherein we can use our knowledge to digitalize traditional industries.”
He says Rockaway institution’s investment is lengthy-time period and strategic due to the fact they assume Gjirafa may want to turn out to be and a whole platform/network of additional offerings that will be used at some point of the location.
the usage of the same strategy, Rockaway formerly found fulfillment in the DACH region, wherein it constructed up an internet travel group beneath the Invia institution brand, and in the discipline of e-commerce thru Mall group, which operates on seven markets in the CEE region. these corporations have contributed significantly to Rockaway’s sales, which crossed the threshold of EUR 2 billion in 2018.
Gjirafa has emerge as the most important e-commerce participant inside the vicinity having a main OTT product: GjirafaVideo and GjirafaStudio, equal to Hulu and Netflix; generating own content material and presently has approximately 1 million minutes of video ate up a day (and developing double digits on month-to-month foundation), and over 80 stay channels on line.
Gjirafa, Inc., is the fastest growing corporation within the vicinity, and the growth is brilliant at 314% CAGR. to position it in angle: while GDP indicators are normalized for the Balkans area vs america, it has an equivalent sales growth as Google had among 2001-2004 and persevering with at the same course.