KSA-Based Merak Capital Invests $82.8 Million in SHIFT
Established in 2017 by Khalid Alsulaiman, SHIFT is a platform specializing in technology-driven mobility solutions for people and products.
Merak Capital announced an investment of SAR 310.8 million ($82.8 million) in Saudi Arabia-based mobility startup SHIFT. This investment supports Saudi Arabia's Vision 2030 objectives, aiming to drive economic growth and diversification across sectors like transportation, logistics, and tourism.[1]
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Established in 2017 by Khalid Alsulaiman, SHIFT is a platform specializing in technology-driven mobility solutions for people and products.
SHIFT operates in 57 cities across the kingdom with a fleet of over 12,000 vehicles. The company provides services such as car-sharing, car rentals, last-mile delivery, and chauffeur services.
Merak Capital’s investment will allow SHIFT to continue developing smart mobility solutions that align with the kingdom’s broader goals, particularly in the tourism sector, which is expected to grow under Vision 2030. SHIFT is also working to provide tourists with various transportation options.
In addition to its investment in SHIFT, Merak Capital led a SAR 112 million ($29.85 million) funding round for the human resources platform Jisr and manages a SAR 306 million ($81.56 million) venture capital fund supporting the gaming and esports sectors in the kingdom.