Digital Products
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Saudi Arabia-based customer and engagement startup Merit raises $12 million as it prepares to deploy sophisticated innovations leveraging insights from the surge in customer interactions experienced in 2023 was procured.
Led by Alistithmar Capital i-Cap, with participation from existing Series A investors Tech Invest Com and Hambro Perks Oryx Fun, the $12 million was oversubscribed against a $5 million target in a pre-Series B effort and builds on a $5 million Series A investment made in 2021 with Tech Invest Com, Impact46, Arzan VC, Hambro Perks Oryx Fund, and several regional angel investors.
In a statement obtained by TechMoran, CEO Julie Barbier Leblanc said: We anticipate a busy year ahead as we prepare to launch strategic projects. We recognize that huge market opportunities await us and are confident that our unique engagement solutions will meet the needs of our users. ”
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In 2023, Merit experienced notable growth, with a cumulative growth rate of over 60%, a significant increase in its user base of 80%, and the launch of over 100 instances across 20 more countries.
Merit operates in more than 160 countries, works with more than 6,000 brands, and is currently seeking competitive bids. In Saudi Arabia, we distributed more than 1 million benefits and gifts in 2023 alone. The benefits are also Rewardsby, a platform where businesses can access, make purchases, and send rewards to customers and employees for a 3% processing fee. Another platform operated by Merit is Gift CardByoperates both online and offline businesses and sells gift cards to customers. Businesses can use the platform to design gift cards and set up their website for gift cards.
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“This strategic partnership with Merit aims to bring innovative digital solutions to market. It comes as a result of SAIB Venture Studio’s tireless efforts to launch the initiative,” elaborated Faisal Al Omran, CEO of the Saudi Investment Bank.
Alisthithmar Capital i-Cap is the investment arm of Saudi Arabian Investment Bank (SAIB).
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“Saudi Arabia-based customer and engagement startup Merit has raised $12 million as it prepares to deploy sophisticated innovations leveraging insights from a growing customer base…”
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Source link: https://techmoran.com/2024/05/20/rewards-startup-merit-raises-12-million-to-roll-out-customer-and-engagement-products/
