by admin | Aug 19, 2024 | Startups News
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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by admin | Jul 23, 2024 | Startups News
Ogram, an HRtech company from the UAE, has raised significant funding for its expansion into Saudi Arabia. The round, led by Oraseya Capital—the venture capital arm of the Dubai Integrated Economic Zones Authority (DIEZ)—also includes Aditum Investment Management and Everywhere VC. Notably, this investment marks a crucial step in Ogram’s growth.
Ogram’s Rapid Growth and Global Expansion
Founded in 2017 by Karim Kouatly and Shafiq Khartabil, Ogram provides a digital staffing marketplace. This platform enables businesses to book and manage on-demand staff efficiently. In 2022, Ogram raised $3 million in a Series A round. This round was led by Modus Capital, Aditum Investment Management, Dtec Ventures, and DAAL VC.
Moreover, Ogram launched in Greece in 2023 and has achieved impressive results. The company experienced triple-digit growth in shifts per month. Furthermore, Ogram has delivered over three million flexible work hours, consistently maintaining over 90% fulfillment rates in both the UAE and Greece.
Focus on Saudi Arabia and Future Prospects
Looking ahead, the new funding will drive Ogram’s expansion into Saudi Arabia. This market shows a high demand for flexible staffing, particularly in retail and hospitality. Consequently, Ogram anticipates over 150% growth in man hours for 2024.
Shafiq Khartabil, Co-founder & CEO, commented, “We’re excited about this support. It will help us expand into KSA and achieve profitability this year.”
In addition, Julien Plouzeau, Senior Partner at Oraseya Capital, remarked, “Ogram’s success in the UAE and Greece highlights their ability to scale. Therefore, we are confident they will replicate this success in KSA and are thrilled to support their growth.”
Looking Ahead: Series B and M&A Activities
As Ogram prepares for its Series B funding round and potential M&A activities in Q4, the company will continue focusing on expanding its footprint. Their mission remains to enhance workers’ lives through flexible staffing solutions.
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by admin | Jun 14, 2024 | Startups News
UAE fintech leader Fortis is making a strategic move furthermore, entering Saudi Arabia to support its booming SME sector. Their suite of business solutions, including a one-stop point-of-sale system, customer relationship management (CRM) software, order management system, and advanced payment solutions, aims to supercharge SME growth.
Boosting Efficiency and Growth with Fortis
Fortis offers a comprehensive package, essentially a one-stop shop for SMEs. This integrated suite streamlines operations, enhances customer interactions, and ultimately drives business growth for SMEs.
Fortis Aligned with Vision 2030
Fortis’s expansion aligns perfectly with Saudi Arabia’s ambitious Vision 2030 plan. This national strategy emphasizes economic diversification and the development of a robust private sector, with SMEs playing a critical role. As Arseny Kosenko, Executive Vice President of Fortis, highlighted in a recent interview, “We will be able to assist small businesses in growing in line with the plans and Vision 2030.”
Strategic Launch and Regional Expansion
Importantly,Fortis’s initial launch in the UAE strategically positions them for further expansion into Saudi Arabia and other MENA (Middle East and North Africa) countries. Their goal is to not only enhance SME operations but also contribute to the overall growth of Saudi Arabia’s GDP and technological landscape.
Supporting SMEs Beyond Borders
Fortis recognizes the importance of catering to both domestic and international customers, particularly during major events like Expo 2030. Their advanced omnichannel solutions facilitate seamless interactions between merchants and customers, ensuring a positive experience for all.
Tailored Solutions for the Saudi Market
Understanding the unique needs of the Saudi market is paramount for Fortis. They are actively developing features that comply with local regulations, including adaptations in pricing, marketing strategies, and partnerships. Additionally, the company prioritizes continuous monitoring of regulatory changes and ensures their team receives proper compliance training. Technology and automation play a key role in facilitating these processes efficiently.
Bridging the Gap Between Businesses and Customers
In addition to, Fortis envisions their platform as a central hub that seamlessly connects merchants and customers. Kosenko emphasizes the significance of SMEs, stating, “SMEs are a crucial segment for us, and how they engage with their clients shapes the evolution of our product.” By empowering businesses with digital tools that boost customer engagement and operational efficiency, Fortis is well-positioned to become a leader in the Saudi Arabian market.
Growth and Investment
Despite its recent entry into the market, Fortis is already experiencing impressive revenue growth. The company secured a significant investment of $20 million from Opportunity Venture in April 2024 to support its expansion plans across the MENA region. Saudi Arabia, with its large market size and numerous development projects, is a key focus area for Fortis’s growth strategy.
Fortis is Driving Innovation and Transformation
Fortis positions itself as a key player in Saudi Arabia’s digital transformation. By empowering SMEs, they contribute to economic diversification and a stronger business landscape. As Fortis expands, they are set to significantly impact the region’s SME sector, driving innovation and growth.