Seed

Series A

PE Round

Others

Series B

Africa

Riyadh

Abdullah Altamami

Abdulrahman Mutrib

Ahmed AlJabreen

Mohanned Saud Alfayez

If you're ready to take your business to the next level with Merak Capital, we want to hear your pitch.

Investment in Startup

Merak Capital

Fintech

Finance

Technology

AI/IoT

Merak Capital is a technology-focused investment firm licensed by the Capital Market Authority of Saudi Arabia. We leverage in-depth technology research and understanding to identify investment opportunities aligned with adoption cycles from various sectors worldwide.

Jeddah

Private Equity

SHIFT Inc.

Transportation

Mobility

Service Industry

Supply Chain Management

MobilityTech

SHIFT offers different mobility solutions, including car rentals, chauffeur-driven cars, last mile, line haul, group transportation, and leasing services.

Hyperpay

Predictive Analytics

HyperPay is the fastest growing online payment service provider in the MENA region, serving the largest merchants and banks since 2014.

Master Works

Business Intelligence

Consulting

Big Data

Software

MasterWorks assists businesses and technology in collaborating to protect existing data investments and unlock their business value through the use of the most advanced tools, technologies, and methodologies. They specialize in products and services such as data management, artificial intelligence, data strategy, API management, softwaredevelopment, and robotic process automation.

Dubai

BitOasis

NFT/Crypto

Blockchain

BitOasis is a cryptocurrency trading platform offering a digital asset wallet and exchange to buy, sell, and trade.

Jisr

Payroll

Employment

Jisr is a Cloud-Based Platform to manage People, designed according to the local needs and compatible Saudi Labour Law.

Lawazem

B2B marketplace that is especially made to solve the operational procurement problems.

Convertedin

Loyyal

Enterprise Software

Financial Services

Loyyal leverages blockchain and smart contract technology to provide loyalty and rewards network infrastructure solutions. It introduces interoperability to the currently fragmented industry, multi-branded coalitions, superior program liability management and dynamic issuance/redemption options customized for each unique relationship.

Yalla Plus

Hospitality

Payment

Yalla Plus builds software that empower business to grow. The holistic solution to managing your business.

Qoyod

Support & Management Services

comprehensive online accounting software for small and medium businesses.

Arib

Magnitt

Funding

Magnitt is a startup directory that connects investors, mentors, and emerging companies in the Middle East.

Enhance Ventures

Web Development

Enhance is a venture builder that develops web and mobile-enabled businesses for the Middle East, North Africa, Pakistan and Turkey.

Raed Health

Telemedicine

Health Care

Denarii Cash

Syaaraat

Loan

Financing Platform

Merak Capital, a technology-focused investment firm, announced an investment of SAR310.8 million ($82.8 million) in SHIFT, a comprehensive platform specialising in technology-driven mobility solutions for people and products.

This significant capital injection aligns with Saudi Arabia's Vision 2030 objectives, aimed at fostering growth and diversification of the economy through the implementation of realisation programmes across sectors, such as tourism, transportation, logistics, and others.

SHIFT, a leading provider of smart mobility solutions and logistics, offering technology-enabled mobility services, is reshaping the landscape in Saudi Arabia by offering a full suite of services, including car-sharing, chauffeur services, car rentals, last mile and line haul, as well as leasing services. The company, established in 2017 and headquartered in Jeddah, has made substantial inroads, operating across 57 cities in the Kingdom with a formidable fleet of over 12,000 vehicles. SHIFT's dedication to automating mobility and logistics services aims to achieve greater control, efficiency, and a positive environmental impact.

Moreover, tourism is emerging as an exciting growth area for SHIFT, given Saudi Arabia's vision to become a global tourism hub. The company's smart mobility solutions are perfectly poised to support this vision by providing tourists with seamless and innovative transportation options, thereby enhancing their travel experience and contributing to the Kingdom’s tourism sector growth.

The investment, which establishes Merak Capital as a key player in the Kingdom’s economic transformation, aims to empower SHIFT to accelerate the growth and innovation of its intelligent solutions, thereby enhancing efficiency, sustainability, and connectivity across the Kingdom's mobility and logistics ecosystem.

Abdullah Altamami, CEO of Merak Capital, commented: "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 businesses 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.”

Khalid Al-Sulaiman, Founder and CEO of SHIFT, expressed his enthusiasm for the investment, stating: "We are thrilled to partner with Merak Capital, whose investment validates our innovative approach and commitment to revolutionising mobility solutions in Saudi Arabia. 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.”

Merak Capital's recent investment in SHIFT underscores its commitment to fostering innovation. It highlights its active role in leading a SAR 112 million funding round for Jisr, a pioneering human resources platform based in Saudi Arabia. Additionally, Merak Capital is managing a venture capital fund aimed at bolstering the gaming and eSports sectors in the Kingdom, with a SAR 306 million capital at its disposal.

Beyond its investment activities, Merak Capital has garnered acclaim for its inclusion in a Stanford Graduate School of Business Case Study, which delves into the firm's journey and its vision to leverage the evolving dynamics of the Middle East, particularly the vibrant technology community in Saudi Arabia. These substantial strides signify Merak Capital's pivotal position in driving innovation, creating job opportunities, and contributing to the sustainable development of Saudi Arabia.

Merak Capital Backs SHIFT with USD82.8 Million Funding to Transform Saudi Mobility

BitOasis has reached a new milestone: the Middle East and North Africa’s leading crypto asset exchange has wrapped up its Series B round, closing $30 million in funding from global and regional investors.

The funding round was co-led by Chicago-based VC firm Jump Capital, along with MENA region’s Wamda. New investors that joined the funding round include Alameda Research and Global Founders Capital, along with existing investors: Pantera Capital, Digital Currency Group, and NXMH. 

“Our aim is to build the largest and most trusted cryptocurrency platform in the region,” Ola Doudin said. “And our latest investment round serves as a vote of confidence in the BitOasis growth story. It further speaks to the state of interest in the MENA region’s growing crypto ecosystem, with global investors and venture capital heavyweights backing the region’s home-grown businesses.”

According to Ola Doudin, “this new capital is going to equip us with the resources we need to expand our regional presence while ensuring high standards of regulatory compliance. We work proactively with regulators across the region and will acquire licenses where available.”

BitOasis closes $30 Million in Series B Funding

Merak Capital

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Merak Capital

Funding Deals, by Startup Growth Stage

Funding Deals, by Region

No. of Portfolio Companies

Total No. of Investments Globally, by Year

We Invest in Startups in the Following Stages

Statistics

Sectors we invest in

Top 6 sectors we invest in

Portfolio Companies or Investments

Executive Team Members

About

Legal

Social Media

Portfolio Companies
or Investments