Merit, next-generation global engagement technology leader secures $12 million TradingView

Riyadh, Saudi Arabia: Massive Media: In a notable development, Merit, which focuses on customer and engagement technology, reports oversubscription in its latest funding round, raising $5 million in pre-Series B efforts. It reported that it had raised $12 million toward its goal. Alistithmar Capital i-Cap will be 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 by leveraging insights gained from the surge in customer interactions experienced in 2023. Mr. Merritt shared his excitement about the opportunity to continue his mission of enhancing customer engagement through the continued development of cutting operations. -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.

With a global presence in over 160 countries and collaborations with over 6,000 brands, Merit 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.

Julie Barbier-Leblanc, CEO, said: “We feel optimistic about our progress both internationally and regionally. We have exciting goals on the horizon for the coming years. Saudi Arabia. “We will strengthen our commitment to the future,” he said, giving a positive outlook. We anticipate a busy year ahead as the innovation ecosystem gears up for the launch of strategic projects, and we are confident that our unique engagement solution will deliver. Masu. user needs. ”

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. In particular, SAIB's ownership of American Express Saudi Arabia serves as a testament to their 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.

Faisal Al Omran, CEO of Saudi Investment Bank, elaborated on SAIB Venture Studio, saying, “This strategic partnership with Merit aims to bring innovative digital solutions to the market. This comes as a result of the SAIB Venture Studio's continued efforts in investing in innovative technology and fintech companies, and a series of initiatives in fintech and loyalty programs. Start your efforts.

SAIB Venture Studio is SAIB's innovative platform and digital factory for idea development. Since our founding, we have achieved many goals and are working towards even more.

We are proud of our loyalty history as one of the first banks in the Kingdom to launch a digital loyalty program. Good synergies with many fintech partners, including a strong track record with innovation partners, technology and strategic partnerships with benefits, will undoubtedly contribute to the improvement of our leadership. ”

Merit and Saudi Investment Bank recently held a signing ceremony at the Four Seasons Riyadh to celebrate the investment and strategic partnership.

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About the 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.

In line with its vision for 2030 as the center of the Arab and Islamic world, an investment powerhouse, and a hub connecting three continents, the Kingdom of Saudi Arabia's (KSA) National Technology Development Program NTDP has announced a repositioning initiative. In February 2023, in collaboration with the Ministry of Communications and Information Technology, the Ministry of Investment and the Government, by providing the world's leading startups and multinationals with all the support they need to expand and expand within the Saudi market. Contributing to the development of Saudi Arabia's technology ecosystem. Riyadh City Royal Commission and Center for Digital Entrepreneurship.

Co-founders Julie Barbier Leblanc and Srishan Padayachi are the first entrepreneurs under the Saudi Premium Residency Entrepreneurship Program launched as part of Saudi Arabia's rapid development under Saudi Vision 2030 He is one of the Saudi Premium Residents, an initiative that accelerates Saudi Arabia's trajectory towards knowledge. A diversified economy in new areas based on They are also part of the Endeavor Saudi Arabia chapter, the leading global community by and for impact entrepreneurs.

Merit Incentive CEO Office

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