Mithu, a Saudi Arabian loyalty platform aggregator for restaurants and cafes, has secured a $500,000 investment in a pre-seed funding round backed by Adaverse, a Web3 venture builder.
The company, which was founded in early 2024, provides a solution to consolidate loyalty schemes into a single, gamified application.
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The solution enhances customer engagement and aids small and medium-sized enterprises (SMEs) in the food and beverage sector to retain customers more effectively.
Mithu’s solution is designed to address the inefficiencies in managing multiple loyalty programmes and the loss of billions of dollars in expired points each year.
Mithu’s platform has already attracted 200 restaurants in Riyadh, indicating significant early interest and potential for growth, as reported by Wamda.
Adaverse founding partner Vincent Li said: “We are thrilled to invest in Mithu, whose founding team brings decades of deep experience in the restaurant and retail sectors. The opportunity to disrupt this vertical in Saudi Arabia is enormous, and we’re excited to be part of it.
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By GlobalData“As Adaverse, we bring global expertise in technology, coupled with Web3 knowledge, to support Mithu in developing their cutting-edge solutions.
“This unique combination of industry insight, technological prowess and market opportunity positions Mithu for significant success and growth. We look forward to witnessing their impact on the Saudi Arabian market and beyond.”
Mithu’s approach includes offering network-wide rewards and on-chain memberships as well as engaging gamification features to improve customer interactions with their favourite eateries.
For merchants, Mithu provides AI-driven analytics to gain deeper insights and optimise performance, while also stimulating business expansion.
The founding team of Mithu includes CEO Mohsin Qureshi, with more than 15 years of experience in quick-commerce, foodtech and technology startups, and chief technology officer Asif Ali, with a background in leadership at Careem, Swvl and foodpanda.
Qureshi has previously held roles at Cheetay, Foodics and Delivery Hero.
Qureshi said: “We are thrilled to have Adaverse on board.
Their expertise in Web3 and gamification is invaluable as we develop a tokenised version of our app. This investment accelerates our time to market, allowing us to better serve our clients and users.”
