Saudi-Based MobilityTech Startup Shift Raises $82.8 Million in Funding
The SAR 310.8 million investment comes from Merak Capital, a technology-focused investment firm based in Riyadh.
Saudi Arabia-based mobility solutions startup Shift has raised $82.8 million (SAR 310.8 million) in funding from Riyadh-based investment firm Merak Capital, as the tech-enabled service provider continues to make inroads in the Kingdom’s smart mobility solutions and logistics sector.
Founded in 2017, the Jeddah-headquartered startup now operates across 57 cities within the Kingdom with a fleet of over 12,000 vehicles. Shift aims to automate mobility and logistics services through a full suite of services, including car-sharing, chauffeur services, car rentals, last mile and line haul, as well as vehicle leasing services.
"We are thrilled to partner with Merak Capital, whose investment validates our innovative approach and commitment to revolutionizing mobility solutions in Saudi Arabia,” Khalid Al Sulaiman, Founder and CEO of Shift, tells StartupScene. “This partnership will accelerate our growth, allowing us to expand our services and enhance our technology to meet the evolving needs of our customers, particularly within the tourism sector.”
Shift’s innovations in mobility align firmly with Saudi Arabia’s Vision 2030 objectives, fostering growth and diversification in the economy by enabling greater control, efficiency, and positive environmental impact within tourism, transportation, logistics and other sectors.
