Riyadh, Saudi Arabia – Mithu, an innovative loyalty platform aggregator, has recently announced a significant milestone. Specifically, they secured a $500,000 pre-seed investment from Adaverse, a leading Web3 venture builder. This crucial funding will accelerate Mithu’s mission to transform the loyalty program market, thereby addressing critical issues that have long plagued customers and businesses alike.
Transforming Loyalty Programs
In Saudi Arabia, only 2.5% of restaurants currently offer loyalty programs, representing a substantial growth opportunity for Mithu. Furthermore, globally, an astonishing $100 billion worth of loyalty points expire each year. This issue underscores the need for a more efficient solution. Moreover, customers often manage an average of 17 loyalty programs, with 68% churning within the first year. To tackle these challenges, Mithu aims to consolidate multiple loyalty programs into a single, gamified app.
Notably, Mithu’s platform offers a network-wide rewards system, on-chain memberships, and engaging gamification features. These elements are designed to enhance customer interaction and retention. Additionally, by integrating advanced AI-driven analytics, Mithu provides merchants with deep insights to optimize performance and drive business growth.
Strategic Investment and Growth
Mohsin Qureshi, Founder of Mithu, expressed his excitement about the partnership: “We’re thrilled to have Adaverse on board. Their expertise in Web3 and gamification is invaluable as we develop a tokenized version of our app. Consequently, this investment accelerates our time to market, allowing us to better serve our clients and users.”
In a similar vein, Vincent Li, Founding Partner of Adaverse, shared his enthusiasm: “We are excited to invest in Mithu, whose founding team brings decades of experience in the restaurant and retail sectors. The opportunity to disrupt this vertical in Saudi Arabia is enormous, and we’re eager to support Mithu in developing their cutting-edge solutions. Thus, our global expertise in technology and Web3 positions Mithu for significant success and growth.”
Meet the Team
Mithu’s founding team brings extensive experience to the table. For instance, CEO Mohsin Qureshi has over 15 years of expertise in foodtech, q-commerce, and technology startups, with notable roles at Foodics, Cheetay, and Delivery Hero. Additionally, CTO Asif Ali, who holds leadership experience from Careem, Swvl, and foodpanda, is currently pursuing a Ph.D. in AI.
About Adaverse
Adaverse is a blockchain and Web3 investment fund, accelerator, and venture builder. With 60 investments including 20 accelerated startups across 13 countries, Adaverse leads the Web3 revolution in Saudi Arabia. Consequently, they bring a wealth of global expertise to their portfolio companies.
In summary, Mithu’s innovative approach to loyalty programs, combined with its strategic partnership with Adaverse, sets the stage for a new era in customer engagement and retention in the Saudi Arabian market. Stay tuned for more updates as Mithu continues to grow and make an impact.
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