https://arab.news/zsz56
RIYADH: Merit Incentives, a developer of customer and employee engagement solutions, secured a $5 million Series A investment round from Saudi-based venture capitalists, led by Riyadh-based VC fund Impact46.
Tech Invest Com, Arzan VC, Hambro Perks Oryx Fund and several more regional angel investors also participated in the funding round, according to a statement from the company.
The Dubai-based platform plans to use this money to grow their team into new territories, as well pushing forward with further investment in technology, building on the existing artificial intelligence and machine learning capabilities of its solutions.
Merit has offices in Saudi Arabia, the UK, Kuwait, Egypt, and Jordan, along with a technology lab and development team located in Lahore, Pakistan. The company expects to triple its research and development resources across offices by the end of 2022.
Currently, Merit offers its B2B2C services to a diverse portfolio of large enterprises, including Riyad Bank, Vodafone, Mubadala, Adidas and Amazon.
The engagement start-up operates its own rewards network of 5,000 partner brands across over 100 countries, with more than 500 retailers and merchants in the GCC alone, according to the statement.
Merit recently surpassed a landmark milestone of 20 million end-users globally, and by the end of 2021, the company aims to close a nine-digit AED top line.