Saudi-based company “Shift,” specializing in smart transportation solutions and logistics services, has successfully raised $82.8 million (equivalent to SAR 310.8 million) in seed funding led by Merak Capital. This significant investment aims to empower Shift to accelerate its growth and develop innovative, smart solutions in transportation and delivery, reinforcing its position as a leading company in the sector within Saudi Arabia.
About Shift
Founded in 2017 by Saudi entrepreneur Khaled Al-Sulaiman and headquartered in Jeddah, Shift offers comprehensive smart transportation and logistics solutions, including:
- Short and long-term car rentals: Shift provides car rental services for both short and long periods, catering to the needs of individuals and businesses.
- Car-sharing: Shift offers car-sharing services, promoting sustainability and reducing the number of vehicles on the roads.
- Chauffeur-driven car rentals: Clients can rent cars with a driver, ideal for personal and corporate transportation needs.
- Last-mile delivery: This service involves delivering parcels and products directly to end customers, an essential part of the company’s logistics solutions.
- Long-distance transport: Shift provides long-distance transport services within the Kingdom, facilitating the movement of goods and products.
- Bus transportation: The company also offers group transportation services via buses, enhancing the overall experience of group mobility.
Currently, Shift operates in 57 cities across Saudi Arabia with a fleet of over 12,000 vehicles.
Merak Capital’s Role in the Funding
Merak Capital, one of the leading investment firms in technology and innovation within Saudi Arabia, spearheaded this funding round. Abdullah Al-Tamami, CEO and Partner at Merak Capital, expressed his enthusiasm about the partnership with Shift, stating: “We are extremely excited about our new investment in Shift. The company represents a strong local force in the transportation sector, striving to shape the future of the industry in the Kingdom, under the leadership of its founder, entrepreneur Khaled Al-Sulaiman.”
Al-Tamami added: “Our conviction in the vital role of technology in enhancing the transportation experience for both individuals and businesses is unwavering. With our track record and strong position as a leader in tech investments across the region, and the capabilities that Shift brings to the table, we are confident that this partnership will achieve great success for all stakeholders, including our partners, investors, and the thriving Saudi economy, across several key sectors such as tourism, transportation, hospitality, and logistics.”
Shift’s Vision for the Future of Transportation in Saudi Arabia
Khaled Al-Sulaiman, Founder and CEO of Shift, expressed his excitement about the partnership with Merak Capital, emphasizing that this collaboration will be a critical step in enhancing the company’s position within Saudi Arabia. He said: “We are thrilled to partner with Merak Capital, whose new investment will support our innovative approach and unwavering commitment to transforming transportation solutions in the Kingdom of Saudi Arabia.”
He added: “This partnership will accelerate our growth, enabling us to expand our services and enhance our technologies to meet the evolving needs of our customers, particularly in the tourism sector. Through this collaboration, we are preparing to set new standards for efficiency, sustainability, and excellence in service, contributing to building a better future where technology and sustainability play a central role, adding lasting value to our customers, stakeholders, and society at large.”
Merak Capital’s Previous Investments
Merak Capital is a prominent player in the tech investment scene in the region, leading funding rounds that support companies aiming for innovation and growth. Recently, the firm led an investment round worth SAR 112 million for “Jisr,” which focuses on human resources, as well as a SAR 10 million investment round for “Lazem.” Additionally, Merak Capital manages an investment fund focusing on the gaming and eSports sectors in Saudi Arabia, with a total value of SAR 306 million.
