Pre-Series B investment round for Saudi Arabia-based SaaS firm Merit has secured $12 million. The lead investor, Alistithmar Capital i-Cap, was followed by Series A investors Tech Invest Com and Hambro Perks Oryx Fund.
Established in 2016 by Thrishan Padayachi and Julie Barbier-Leblan, Merit provides a range of cloud-based SaaS platforms, corporate solutions, apps, and software to help businesses boost employee and consumer engagement. With the increased funding, Merit will be able to improve client engagement through technology development.
Read also – Singapore-Based Venture Studio Kasagi Labo Secures $12 Million in Funding
In 2021, Impact46 from Saudi Arabia led a $5 million Series A investment for it, which also included many regional angel investors, Tech Invest Com, Arzan VC, and Hambro Perks Oryx.
CEO Julie Barbier-Leblan shares her positive outlook, saying, “We are feeling optimistic about our progress on both international and regional fronts. As we look ahead, we have exciting objectives on the horizon for the coming years. Our increased involvement in Saudi Arabia’s tech innovation ecosystem is something we are particularly pleased about. Looking forward, we anticipate a busy year ahead as we prepare to launch strategic projects. We recognize the immense market opportunity that awaits us, and we’re confident that our proprietary engagement solutions will meet the needs of our users.”
Julie noted Merit’s satisfaction in exceeding its funding targets and praised Alistithmar Capital i-Cap’s reputation as World Finance’s best investment management company in Saudi Arabia 2023. Alisthithmar Capital i-Cap is the Saudi Investment Bank’s recognised investment arm.
Read also – Abu Dhabi-Based RedBird IMI Acquires All3Media for $1.45 Billion
She stressed the importance of The Saudi Investment Bank (SAIB), a successful financial institution that has driven growth. SAIB’s ownership of American Express Saudi Arabia shows their potential to lead banking sector improvements, boosting Merit’s growth.
The newly created SAIB Venture Studio funded Merit as its first investment. SAIB will use its strengths to build new technology and financial technology initiatives for consumers.
About Merit
Merit uses innovative cloud-based SaaS platforms to help businesses boost customer and employee engagement worldwide. corporate software, apps, and solutions.
