Merak Capital invests $82.8 million in SHIFT to fuel its growth

• Saudi Arabia-based mobility company SHIFT has raised $82.8 million in investment from Merak Capital.
• Founded in 2017 by Khalid Alsulaiman, SHIFT Inc. is a comprehensive platform specializing in technological mobility solutions for people and products, operating in 57 cities across the Kingdom with a fleet of over 12,000 vehicles.
• The aim of the investment is to enable SHIFT to accelerate its development and innovation of intelligent solutions.

Press release:

Merak Capital, a technology-focused investment firm, announced an investment of SAR 310.8 million (USD 82.8 million) in SHIFT, a comprehensive platform specializing in technology-enabled mobility solutions for people and products.

This significant capital injection is in line with Saudi Arabia’s Vision 2030 strategy, which aims to support the growth and diversification of the economy by implementing programmes in various sectors, such as tourism, transport, logistics and others.

SHIFT, a leading provider of intelligent mobility and logistics solutions, offering technology-driven mobility services, is changing the landscape of Saudi Arabia by offering a full suite of services, including car sharing, chauffeur services, car rental, last mile and line-haul, and leasing services. Founded in 2017 and headquartered in Jeddah, the company has made significant progress, operating in 57 cities across the Kingdom with an impressive fleet of over 12,000 vehicles. SHIFT’s commitment to automating mobility and logistics services aims to achieve greater control, efficiency, and a positive impact on the environment.

In addition, tourism is emerging as an exciting growth area for SHIFT, given Saudi Arabia’s vision to become a global tourism hub. The company’s smart mobility solutions are ideally positioned to support this vision by providing tourists with seamless and innovative transportation options, thereby enhancing their travel experiences and contributing to the growth of the Kingdom’s tourism sector.

The investment, which solidifies Merak Capital’s position as a key player in the Kingdom’s economic transformation, aims to enable SHIFT to accelerate growth and innovation of smart solutions, thereby increasing efficiency, sustainability and connectivity across the Kingdom’s mobility and logistics ecosystem.

Abdullah Altamami, CEO of Merak Capital, commented: “We are extremely excited about our investment in SHIFT, a local champion shaping the future of mobility in the Kingdom, led by its pioneering founder, Khalid Alsulaiman. We strongly believe in the impact of technology on the mobility of people, products and businesses, and with our position and history as one of the leading technology investors in the region, combined with SHIFT’s innovation and capabilities as a mobility pioneer, we believe that this partnership will bring great success to all stakeholders, including our partners, investors and the Kingdom’s thriving economy across multiple sectors such as tourism, transportation, hospitality, logistics and more.”

Khalid Al-Sulaiman, Founder and CEO of SHIFT, expressed his enthusiasm for the investment, stating: “We are excited to partner with Merak Capital, whose investment validates our innovative approach and commitment to revolutionizing mobility solutions in Saudi Arabia. This partnership will accelerate our growth, allowing us to expand our services and enhance our technology to meet the evolving needs of our customers, especially in the tourism sector. Together, we are poised to set new standards of efficiency, sustainability and service excellence as we move towards a future where technology and sustainability create lasting value for our customers, stakeholders and communities.”

Merak Capital’s recent investment in SHIFT underscores its commitment to fostering innovation. It highlights its active role in leading a SAR 112 million funding round for Jisr, a pioneering Saudi-based human resources platform. Additionally, Merak Capital manages a venture capital fund aimed at strengthening the gaming and eSports sectors in the Kingdom, with SAR 306 million in capital.

In addition to its investment activities, Merak Capital was recognized for being included in a Stanford Graduate School of Business case study that delved into the company’s journey and vision to leverage the growing momentum of the Middle East, particularly Saudi Arabia’s vibrant tech community. These significant steps mark Merak Capital’s pivotal position in driving innovation, creating jobs, and contributing to the sustainable development of Saudi Arabia.