Jeddah-headquartered mobility company Shift has raised about $83 million from Saudi investment firm Merak Capital, it announced in a statement today. This is the third growth (or private equity) investment by Merak Capital which previously invested $40 million in data company Master Works in 2022 and $30 million in HR software startup Jisr in late 2023.
Shift, according to its website, offers different mobility solutions, including car rentals, chauffeur-driven cars, last mile, line haul, group transportation, and leasing services. A presentation by Shift refers to it as a hybrid between brick and mortar, and a technology firm.
In other words, it is an omnichannel mobility company with the majority of its business coming from car rentals. The Saudi firm has hundreds of car rental outlets, with a fleet of over 12,000 vehicles in 57 cities across the Kingdom. It also operates a fleet of 1,200 commercial vehicles.
It also offers car rentals and chauffeur-driven cars through its mobile app on an hourly or daily basis.
Shift was founded in 2017 by Khalid Al-Sulaiman, who was previously a board director at Alsulaiman Group, one of the leading conglomerates in the Kingdom with businesses and investments in retail (Ikea Saudi), logistics, real estate, and technology. He is also a board member of the family office of the group, Alsulaiman Investments and tech investor iMENA.
Commenting on the investment, he said, “This partnership will accelerate our growth, allowing us to expand our services and enhance our technology to meet the evolving needs of our customers, particularly within the tourism sector. Together, we are poised to set new standards for efficiency, sustainability, and service excellence, driving towards a future where technology and sustainability create lasting value for our customers, stakeholders, and communities.”
Abdullah Altamami, CEO of Merak Capital, said, “We are extremely excited about our investment in Shift, a local champion shaping the future of mobility in the Kingdom, led by its trailblazing founder, Khalid Alsulaiman.”
“Our belief in the impact of technology on the mobility of people, products, and business is profound, and with our position and track record as one of the leading technology investment firms in the region, coupled with the innovation and capabilities of Shift as a mobility pioneer, we believe this partnership will yield tremendous success for all stakeholders including our partners, investors, and the thriving economy of the Kingdom across multiple sectors, such as tourism, transportation, hospitality, logistics, and more,” he added.
The company counts Ikea, Flow, Noon, Amazon, Panda, and Saudi Aramco, among its corporate clients.
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