Merit Incentives (Merit), a leading developer of customer and employee engagement solutions, announced a $5 Million Series A investment round, led by Riyadh-based venture capital fund Impact46 along with Tech Invest Com, Arzan VC, Hambro Perks Oryx Fund and several regional angel investors.
Merit is a technology and consulting firm specialized in developing the latest B2B engagement tools and technologies. Currently, Merit offers its B2B2C services to a diverse portfolio of large enterprises, including Riyad Bank, Vodafone, Mubadala, Adidas and Amazon. The start-up operates its own rewards network of 5,000 partner brands across over 100 countries, with more than 500 retailers and merchants in the GCC alone. The company recently announced that it had passed 20 million end-users globally, by the end of 2021 Merit aims to close a nine-digit AED top line.
Merit’s products include Rewardsby, a Software as a service (SaaS) loyalty and rewards marketplace made up of nine distinctive redemption modules, and GiftCardsby – a SaaS digital gift card platform that enables instant sales and redemptions from retailers.
Julie Barbier-Leblan, CEO and Founder of Merit Incentives said, “We are amid a new era where users require unique yet meaningful experiences with companies they like and trust. It has now become imperative for businesses to engage directly with their customers, and internally with their employees, to create a constant dialogue and emotional bond at every touch point. We believe that the key to success is for leaders and managers to be able to align customer and employee engagement to support their vision, using SaaS technologies, and strong digital content, and Merit Incentives is uniquely positioned to accomplish just that.”
Merit intends to use the funding for the growth of their team into new territories, and for further investment in technology, building on the existing artificial intelligence and machine learning capabilities of its existing solutions.
