RIYADH, May 20, 2024 (Globe Newswire) — In a notable development, Merit, a company focused on customer and engagement technology, reports oversubscription in its latest funding round. It was reported that they had raised $12 million toward their goal of $5 million. The pre-Series B effort was led by Alistithmar Capital i-Cap, followed by existing Series A investors Tech Invest Com and Hambro Perks Oryx Fund.
This achievement builds on a $5 million 2021 Series A investment by Tech Invest Com, Impact46, Arzan VC, Hambro Perks Oryx Fund, and several prominent regional angel investors, and Merit It reflects the hard work and dedication of our team and board members. As disclosed, the company is now gearing up to deploy sophisticated innovations leveraging insights gained from the surge in customer interactions experienced in 2023. Merit shared its excitement about the opportunity to continue its mission of enhancing customer engagement through continuous development. Cutting edge technology.
In 2023, Merit experienced significant growth, with a cumulative growth rate of over 60%, a significant 80% increase in its user base, and the launch of more than 100 instances in 20 countries.
Merit operates globally in more than 160 countries, works with more than 6,000 brands, and is currently seeking competitive bids in its commitment to delivering value to its user base and community partners around the world. The company has particularly strong influence in Saudi Arabia, distributing more than 1 million bounties and gifts in 2023 alone. Looking to the future, Merritt will ramp up these efforts, with his goal of tripling this tally by 2024.
CEO Julie Barbier-Leblanc Sharing her positive outlook, she said:We feel optimistic about progress both internationally and regionally. Looking to the future, we have exciting goals for the coming years. We are particularly pleased with our increased involvement in Saudi Arabia's innovation ecosystem. We anticipate a busy year ahead as we prepare to launch strategic projects. We recognize that vast market opportunities await us and are confident that our unique engagement solutions will meet the needs of our users.”
Regarding the success of the funding round, Julie highlighted Merritt's delight in exceeding the funding target and as a respected investment management company recognized as the best investment management company in the Kingdom of Saudi Arabia in 2023 by World Finance. Alistithmar Capital praised the reputation of i-Cap. i-Cap is the reputed investment arm of the Saudi Investment Bank.
He highlighted the pivotal role of the Saudi Investment Bank (SAIB), a prominent financial institution known for its history of driving growth and achieving success. Notably, SAIB's ownership of American Express Saudi Arabia stands as a testament to the company's ability to spearhead significant advances in the financial sector and further propel Merit's growth and development journey. SAIB's funding of Merit is the first investment in the newly launched SAIB Venture Studio, which leverages SAIB's capabilities to launch new initiatives for clients in technology and financial technology. Founded.
Saudi Investment Bank CEO Faisal Al Omrandetails about SAIB Venture Studio. This strategic partnership with Merit aims to bring innovative digital solutions to the market. This is the result of SAIB's tireless efforts. Venture Studio invests in innovative technology and fintech companies and launches a series of initiatives in fintech and loyalty programs.
SAIB Venture Studio is SAIB's innovative platform and digital factory for idea development. Since our establishment, we have achieved many goals and are striving to achieve many more.
We are proud of our loyalty history as one of the first banks in the Kingdom to launch a digital loyalty program. Our excellent synergies with a number of fintech partners, including our innovation partners, our strong track record with technology, and our strategic partnership with Merit, have undoubtedly contributed to our growing leadership.”
Merit and Saudi Investment Bank recently held a signing ceremony at the Four Seasons Riyadh to celebrate the investment and strategic partnership.
Additional information about benefits:
Merit is a global engagement technology and solutions company that helps companies increase customer and employee engagement through a suite of innovative cloud-based SaaS platforms. Enterprise solutions, applications and software.
In 2023, Merit was one of the first companies selected to be part of the RELOCATE program, successfully relocating its regional headquarters to Saudi Arabia.
The Kingdom of Saudi Arabia's (KSA) National Technology Development Program NTDP, in collaboration with the Ministry of Communications and Information Technology, is in line with its 2030 vision of being the center of the Arab and Islamic world, an investment powerhouse, and a hub connecting three continents. The “Relocate” initiative was launched in February 2023 to contribute to the development of Saudi Arabia’s technology ecosystem by providing leading startups and multinationals with all the support they need to expand and expand in the Saudi market. Announced. Ministry of Investment, Riyadh City Royal Commission, Center for Digital Entrepreneurship.
Co-founders Julie Barbier Leblanc and Srishan Padayachi were among the first entrepreneurial Saudi Premium Residents under the Saudi Premium Residency Entrepreneurship Program. It was launched as part of Saudi Arabia's rapid development under Saudi Vision 2030, an effort to accelerate Saudi Arabia's trajectory towards a knowledge-based diversified economy in new sectors. They are also part of the Endeavor Saudi Arabia chapter, the leading global community by and for impact entrepreneurs.
media contact
Company Name: merit arabic
Contact person: Noha Yousef
Email: noha.youssef@meritincentives.com
address: 7909 Prince Saud Ibn Abdullah Ibn Jalawi, Al Qirawan, Building No. 2359, Riyadh 13531, 1st Floor, Office No. 7
Website: www.meritincentives.com
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