Merit Incentives, a company that specializes in developing customer and employee engagement solutions, has secured a US$5 million Series A investment round from Saudi-headquartered venture capitalists, led by Riyadh-based VC fund Impact46.
Tech Invest Com, Arzan VC, Hambro Perks Oryx Fund, and many other regional angel investors also took part in the funding round, according to a piece published by the company.
With this fresh capital injection, the Dubai-based platform hopes to expand its operations and team to cover new markets, as well as ramp up investment in sectors such as technology, especially to further develop the existing artificial intelligence and machine learning capabilities of its offerings.
Merit’s offices are currently operational in Saudi Arabia, the UK, Kuwait, Egypt, and Jordan, plus a technology lab and development team located in Lahore, Pakistan. The firm expects to triple its research and development resources across its various locations by the close of 2022.
Currently, Merit’s B2B2C offerings are available to a diverse portfolio of big money companies, such as Riyad Bank, Vodafone, Mubadala, Adidas, and Amazon.
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