In a notable development, Merit, a company that specializes in customer and engagement technologies, announced that its most recent funding round was oversubscribed. The company raised $12 million against a goal of $5 million in its pre-Series B effort, which was spearheaded by Alistithmar Capital i-Cap and followed by Series A investors Tech Invest Com and Hambro Perks Oryx Fund.
This accomplishment, which builds on a prior $5 million Series A investment made in 2021 with the help of Tech Invest Com, Impact46, Arzan VC, Hambro Perks Oryx Fund, and a number of well-known regional angel investors, is a testament to the diligence and commitment of the Merit team and board members. As previously announced, the business is preparing to introduce its improved innovations today, drawing on knowledge from the increased volume of customer contacts in 2023. Merit’s enthusiasm was contagious as it discussed how it could carry out its objective of improving customer engagement by continuously developing cutting-edge technology.
With a cumulative growth rate above 60%, Merit saw significant expansion in 2023, growing its user base by 80% and launching over 100 instances in 20 new countries.
With a global operation spanning over 160 countries and partnerships with upwards of 6,000 brands, Merit is currently accepting competitive bids as part of its commitment to providing value to its international user base and community partners globally. The company, which distributed more than a million gifts and rewards in 2023 alone, has had a significant impact, especially in Saudi Arabia. Merit is focused on stepping up these efforts going forward and hopes to triple this total by 2024.
CEO Julie Barbier-Leblan shares her positive outlook, saying, “We are feeling optimistic about our progress on both international and regional fronts. As we look ahead, we have exciting objectives on the horizon for the coming years. Our increased involvement in Saudi Arabia’s tech innovation ecosystem is something we are particularly pleased about. Looking forward, we anticipate a busy year ahead as we prepare to launch strategic projects. We recognize the immense market opportunity that awaits us, and we’re confident that our proprietary engagement solutions will meet the needs of our users.”
With regard to the funding round, Julie emphasized Merit’s satisfaction in exceeding its funding goals and lauded Alistithmar Capital i-Cap’s standing as a reputable investment management firm, which was named the top investment management firm in the Kingdom of Saudi Arabia 2023 by World Finance. The prestigious investment division of the Saudi Investment Bank is called Alisthithmar Capital i-Cap.
The Saudi Investment Bank (SAIB), a well-known financial organization with a track record of fostering growth and accomplishing success, was highlighted for its crucial role by the speaker. Especially noteworthy is SAIB’s ownership of American Express Saudi Arabia, which further advances Merit’s development and growth by demonstrating their capacity to lead noteworthy advancements in the financial sector. SAIB’s investment in Merit represents the first venture of the recently established SAIB Venture Studio, which was established to use SAIB’s capabilities to launch new technology and financial technology initiatives for customers.
