Saudi-based rewards and engagement platform Merit has secured $12 million in a new funding round.

The pre-Series B fundraising was led by Alistithmar Capital i-Cap and participated by existing Series A investors Tech Invest Com and Hambro Perks Oryx Fund, according to a statement on Monday.

The company helps businesses increase customer and employee engagement through a suite of cloud-based SaaS platforms, enterprise solutions, applications and software.

Last year, it posted a cumulative growth rate exceeding 60% and a substantial increase in its user base by 80%. It collaborates with more than 6,000 brands across 160 countries.

The company was one of the first businesses chosen in 2023 to be part of Saudi Arabia’s “Relocate” initiative. It has successfully shifted its regional headquarters to the kingdom.

(Writing by Cleofe Maceda; editing by Seban Scaria)