Merit Incentives, a Dubai, UAE-based customer and employee engagement solutions developer, announced a $5 million Series A investment round.
The round was led by Riyadh-based venture capital fund Impact46, alongside Tech Invest Com, Arzan VC, and Hambro Perks Oryx Fund, among other angel investors.
Merit Incentives plans to use the funds to grow the team into new territories and invest in technology, as well as build on the existing artificial intelligence and machine learning capabilities of its solutions.
Company: Merit Incentives
Raised: $5.0M
Round: Series A
Funding Month: November 2021
Lead Investors: Impact46
Additional Investors: Tech Invest Com, Arzan VC, and Hambro Perks Oryx Fund
Company Website: https://www.meritincentives.com/
Software Category: Customer and employee engagement solutions
About the Company: Merit offers its B2B2C services to several enterprises, including Riyad Bank, Vodafone, Mubadala, Adidas, and Amazon. Merit Incentives’ products include Rewardsby, a software as a service (SaaS) loyalty and rewards marketplace made up of nine redemption modules, and GiftCardsby – a SaaS digital gift card platform enabling instant sales and redemptions from retailers. The startup 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. It has offices in Saudi Arabia, the UK, Kuwait, Egypt, and Jordan, along with a technology lab and development team located in Lahore, Pakistan. It recently surpassed 20 million end users globally.
Source: https://gulfbusiness.com/dubai-headquartered-merit-incentives-secures-5m-series-a-funding/