– Adaverse, a Web3 venture builder, has invested $500,000 in Mithu, a loyalty platform aggregator focused on restaurants and cafes in Saudi Arabia.

– Mithu aims to streamline loyalty program management through a gamified app, addressing the issue of expired points and the low adoption of loyalty programs in Saudi Arabia’s food and beverage industry.

-Mithu’s founding team, with extensive backgrounds in foodtech, q-commerce, and AI, is well-positioned to innovate in the Web3 and customer loyalty space, having already secured agreements with 200 restaurants in Riyadh.

Adaverse, a prominent Web3 venture builder, has announced a $500,000 pre-seed investment in Mithu, a Saudi-based loyalty platform aggregator for restaurants and cafes.

Mithu aims to address a major issue in the loyalty program market, where customers often struggle to manage multiple programs, leading to billions of dollars in expired points each year.

In Saudi Arabia, only 2.5% of restaurants currently offer loyalty programs, presenting a significant untapped opportunity. Globally, around $100 billion worth of loyalty points expire annually, with customers holding an average of 17 programs, and 68% of them churning within the first year.

“We’re thrilled to have Adaverse on board,” said Mithu’s Founder, Mohsin Qureshi. “Their expertise in Web3 and gamification is invaluable as we work on a tokenized version of our app. This investment accelerates our time to market, enabling us to better serve our clients and users.”

Vincent Li, Founding Partner of Adaverse, expressed excitement about the investment, stating, “We are delighted to invest in Mithu, whose founding team brings decades of experience in the restaurant and retail sectors.

“The potential to disrupt this vertical in Saudi Arabia is enormous, and we’re excited to be part of it. Adaverse offers global expertise in technology and Web3 knowledge, which will support Mithu in developing cutting-edge solutions. This blend of industry insight, technological skill, and market potential positions Mithu for significant success and growth. We look forward to seeing their impact on the Saudi Arabian market and beyond.”