In a significant stride forward, Merit, a company specializing in customer and engagement technologies, has announced that it has raised $12 million, far surpassing its $5 million target in a pre-Series B funding round. This round was spearheaded by Alistithmar Capital i-Cap, with participation from previous Series A investors Tech Invest Com and Hambro Perks Oryx Fund.
Building on a successful $5 million Series A round in 2021, Merit has continued to show impressive growth and dedication from its team and board. The company is preparing to deploy new innovations that benefit from the insights gathered from a spike in customer interactions in 2023. Merit is enthusiastic about furthering its mission of driving customer engagement with its advanced technology.
Throughout 2023, Merit demonstrated remarkable growth, boasting a Cumulative Growth Rate of over 60% and an 80% increase in its user base, with more than 100 new launches in 20 countries. With operations in over 160 countries and partnerships with more than 6,000 brands, Merit has significantly impacted the Saudi market by distributing over a million rewards and gifts in 2023 alone. The company aims to triple this number by 2024.
Julie Barbier-Leblan, CEO of Merit, is optimistic about the company’s trajectory, stating, 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.
Julie praised Alistithmar Capital i-Cap for its reputable investment management, recently recognized by World Finance as the best investment management company in Saudi Arabia for 2023. The Saudi Investment Bank (SAIB), which owns American Express Saudi Arabia, has also played a crucial role in driving growth, with its investment in Merit marking the first by the newly established SAIB Venture Studio.
Faisal Al-Omran, CEO at The Saudi Investment Bank, commented on the partnership with Merit, highlighting the bank’s history with digital loyalty programs and the strategic collaboration to introduce innovative digital solutions to the market, fostered by the SAIB Venture Studio.
Merit and The Saudi Investment Bank celebrated their partnership with a signing ceremony at the Four Seasons in Riyadh.
About Merit: Merit is a global leader in engagement technology, offering cloud-based SaaS platform solutions to enhance customer and employee engagement. In 2023, Merit became one of the first companies to relocate its regional headquarters to Saudi Arabia, as part of the RELOCATE program initiated by the Kingdom to support the development of its technological ecosystem in line with Saudi Vision 2030.
Co-founders Julie Barbier-Leblan and Thrishan Padayachi were among the first to receive Saudi Premium Residency under the Saudi Premium Residency Entrepreneurship Program, which is a component of Saudi Arabia’s development under Saudi Vision 2030. They are also members of the Endeavor Saudi Arabia Chapter.