– Merit, a company focusing on customer and engagement technology, exceeded its funding goal, securing $12 million in its latest round against a $5 million target.

– The funding round was led by Alistithmar Capital i-Cap and included participation from existing Series A investors, Tech Invest Com, and Hambro Perks Oryx Fund.

– Merit’s success reflects its dedication to innovation and meeting market demands, with plans to launch refined innovations following substantial growth in 2023, including a 60% cumulative growth rate and an 80% increase in its user base across 20 additional countries.

Customer engagement tech company, Merit, has exceeded its funding target in its latest round, securing $12 million against a $5 million goal in its pre-Series B phase. Led by Alistithmar Capital i-Cap, the funding round also saw participation from existing Series A investors, Tech Invest Com, and Hambro Perks Oryx Fund.

This accomplishment builds on a previous Series A investment of $5 million in 2021, with participation from Tech Invest Com, Impact46, Arzan VC, Hambro Perks Oryx Fund, and various regional angel investors, showcasing the dedication of the Merit team and board.

With insights gained from a surge in customer interactions in 2023, Merit is poised to launch its refined innovations. The company experienced substantial growth in 2023, with a cumulative growth rate exceeding 60% and an 80% increase in its user base, expanding its presence to over 100 instances across 20 additional countries.

CEO Julie Barbier-Leblan expresses optimism about the company’s progress on both international and regional fronts, highlighting exciting objectives for the future. The successful funding round reflects Merit’s commitment to meeting market demands with its engagement solutions.

Julie emphasizes Merit’s delight in surpassing its funding targets and praises Alistithmar Capital i-Cap’s reputation as an esteemed investment management company. Alistithmar Capital i-Cap, the investment arm of the Saudi Investment Bank, signifies a strategic collaboration for Merit.

Faisal Al-Omran, CEO at the Saudi Investment Bank, elaborates on the SAIB Venture Studio, highlighting its role in launching innovative digital solutions and fostering growth in technology and fintech sectors. SAIB’s investment in Merit marks the first initiative of the SAIB Venture Studio, showcasing its commitment to innovation and fostering a culture of technological advancement.