Riyadh - Sharikat Mubasher: Merit, the global engagement technology and solutions company, successfully closed an oversubscribed pre-Series A round, securing $12 million against a goal of $5 million, the company announced in a statement.

Alistithmar Capital i-Cap, the investment arm of the Saudi Investment Bank (SAIB), led the round while existing Series A investors, including Tech Invest Com and Hambro Perks Oryx Fund participated in the round.

This investment will fuel the company’s plans to roll out its refined innovations, leveraging insights gained from the surge of its customer interactions experienced in 2023. It reflects Merit’s commitment to delivering value to its international user base and community partners globally.

Julie Barbier-Leblan, CEO of Merit, said: “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.”

The CEO praised Alistithmar Capital i-Cap's reputation as an esteemed investment management company.

Meanwhile, Faisal Al-Omran, CEO of SAIB, commented: “This strategic collaboration with Merit aims to launch innovative digital solutions to the market. It comes as an outcome of the untiring efforts by SAIB Venture Studio, to invest in innovative technologies and fintech companies, and launch a stream of initiatives in fintech and loyalty programs.”

Merit helps businesses increase customer and employee engagement via a full suite of innovative cloud-based SaaS platforms, enterprise solutions, applications, and software.