Dubai-based customer rewards and engagement platform Merit has raised $28 million in a Series B funding round led by Alistithmar Capital and Tech Invest Com, with participation from Endeavor Catalyst, Salica Investments, and Stride Ventures.
Founded in 2016 by Julie Barbier-Leblan, Merit provides businesses with gifting, rewards, and engagement solutions through its various platforms. The company, which moved its headquarters to Riyadh in 2023, operates a white-labeled loyalty marketplace that enables enterprises to create customized rewards programs for customers and employees.
The startup has built a network of over 6,000 retail and service partners across more than 100 countries, offering rewards from various categories including hospitality, retail, travel, and health. Merit’s product portfolio includes Rewardsby, a SaaS platform for businesses to send rewards, and GiftCardsBy, a platform for businesses to create and sell gift cards.
Merit plans to use the fresh funds to expand its presence in key markets, including Saudi Arabia, the UAE, and Egypt, while enhancing its technology infrastructure. The company also aims to implement an “Agent as a Service” model utilizing AI tools to support business engagement and loyalty strategies.
The Series B round follows Merit’s $12 million pre-Series B funding in May 2024, which was led by Alistithmar Capital i-Cap and included Tech Invest Com and Hambro Perks Oryx Fund. The company reported significant growth in 2023, increasing its user base by over 80 percent and distributing more than a million rewards in Saudi Arabia alone.
The investment reinforces Merit’s position in the MENA region’s customer engagement sector, where it serves over 1,000 clients through its various products and services.
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