Leading Web3 venture builder Adaverse has revealed a $500,000 pre-seed investment in Mithu, a cutting-edge loyalty platform aggregator for Saudi Arabian eateries and cafes.
Mithu wants to address a major issue in the loyalty program industry: consumers find it difficult to keep track of numerous loyalty programs, and billions of dollars’ worth of points expire every year.
Key figures:
In Saudi Arabia, only 2.5% of restaurants currently offer loyalty programmes, leaving a vast untapped market.
Globally, about $100 billion worth of loyalty points expire annually.
Customers hold an average of 17 loyalty programmes, with 68% churning within the first year.
Mithu aims to boost customer engagement and assist businesses—especially small and medium-sized enterprises (SMEs) in the food and beverage sector—in better customer retention by combining loyalty programs into a single, gamified app. Since its founding earlier this year, Mithu has already inked contracts with about 200 Riyadh restaurants.
“We’re thrilled to have Adaverse on board,” said Mohsin Qureshi, Founder of Mithu. “Their expertise in Web3 and gamification is invaluable as we develop a tokenised version of our app. This investment accelerates our time to market, allowing us to better serve our clients and users.”
Vincent Li, Founding Partner of Adaverse, said, “We are thrilled to invest in Mithu, whose founding team brings decades of deep experience in the restaurant and retail sectors. The opportunity to disrupt this vertical in Saudi Arabia is enormous, and we’re excited to be part of it. As Adaverse, we bring global expertise in technology, coupled with Web3 knowledge, to support Mithu in developing their cutting-edge solutions. This unique combination of industry insight, technological prowess, and market opportunity positions Mithu for significant success and growth. We look forward to witnessing their impact on the Saudi Arabian market and beyond.”
The breadth of experience possessed by Mithu’s founding team places the business at the forefront of innovation in Web3, artificial intelligence, and customer loyalty. With over 15 years of experience in foodtech, q-commerce, and technology startups, CEO Mohsin Qureshi has held prominent leadership roles at Foodics, Cheetay, and Delivery Hero. CTO Asif Ali is presently pursuing a Ph.D. in AI and brings experience from leadership positions at foodpanda, Swvl, and Careem.
