{"id":31108,"date":"2024-08-19T08:10:03","date_gmt":"2024-08-19T05:10:03","guid":{"rendered":"https:\/\/entarabi.com\/?p=31108"},"modified":"2024-08-19T08:04:33","modified_gmt":"2024-08-19T05:04:33","slug":"adaverse-announces-completion-of-500000-pre-seed-investment-at-mithu","status":"publish","type":"post","link":"https:\/\/entarabi.com\/en\/2024\/08\/adaverse-announces-completion-of-500000-pre-seed-investment-at-mithu\/","title":{"rendered":"Adaverse Invests in Mithu to Revolutionize Restaurant Loyalty Programs with Web3"},"content":{"rendered":"
\n

\u2069 Adaverse, a leading Web3 venture builder, has announced a $500,000 pre-seed investment in Mithu, an innovative loyalty platform aggregator for restaurants and cafes in Saudi Arabia,<\/p>\n

Mithu aims to solve a critical problem in the loyalty program market, where customers struggle to manage multiple loyalty programs and billions of dollars worth of points expire annually.<\/p>\n

\n

Key figures:<\/h1>\n

In Saudi Arabia, only 2.5% of restaurants currently offer loyalty programs, leaving a vast untapped market.<\/p>\n

Globally, about $100 billion worth of loyalty points expire annually.<\/p>\n

Customers hold an average of 17 loyalty programs, with 68% churning within the first year.<\/p>\n

By aggregating loyalty programs into a single, gamified app, Mithu seeks to increase customer engagement and help businesses, particularly SMEs in the food and beverage industry, retain customers more effectively.<\/p>\n

Founded earlier this year, Mithu has already signed agreements with approximately 200 restaurants in Riyadh.<\/p>\n

“We’re thrilled to have Adaverse on board,” said Mohsin Qureshi, Founder of Mithu.<\/p>\n

“Their expertise in Web3 and gamification is invaluable as we develop a tokenized version of our app.<\/p>\n

This investment accelerates our time to market, allowing us to better serve our clients and users.”<\/p>\n

Vincent Li. Founding Partner of Adaverse said “We are thrilled to invest in Mithu, whose founding team brings decades of deep experience in the restaurant and retail sectors.<\/p>\n

The opportunity to disrupt this vertical in Saudi Arabia is enormous, and we’re excited to be part of it.<\/p>\n

As Adaverse, we bring global expertise in technology, coupled with Web3 knowledge, to support Mithu in developing their cutting-edge solutions.<\/p>\n

This unique combination of industry insight, technological prowess, and market opportunity positions Mithu for significant success and growth.<\/p>\n

We look forward to witnessing their impact on the Saudi Arabian market and beyond.”<\/p>\n

Mithu’s founding team offers a depth of expertise that positions the company at the forefront Web3, Al, and customer loyalty innovation.<\/p>\n

CEO Mohsin Qureshi boasts over 15 years in foodtech, q-commerce, and technology startups, having held key leadership positions at Foodics, Cheetay, and Delivery Hero.<\/p>\n

CTO Asif Ali brings experience from leadership roles a Careem, Swvl, and foodpanda, and is currently pursuing a Ph.D. in Al.<\/p>\n

Mithu is a loyalty platform that brings all your rewards into one convenient app.<\/p>\n

By offering network-wide rewards, on-chain memberships, and engaging gamification, Mithu<\/p>\n

enhances customer interaction with their favorite stores.<\/p>\n

For merchants, our advanced Al-driven<\/p>\n

analytics provide deep insights to optimize performance and drive business growth.<\/p>\n

By aggregating loyalty programs into a single, gamified app, Mithu seeks to increase customer engagement and help businesses, particularly SMEs in the food and beverage industry, retain customers more effectively.<\/p>\n

Founded earlier this year, Mithu has already signed agreements with approximately 200 restaurants in Riyadh.<\/p>\n

“We’re thrilled to have Adaverse on board,” said Mohsin Qureshi, Founder of Mithu.<\/p>\n

“Their expertise in Web3 and gamification is invaluable as we develop a tokenized version of our app.<\/p>\n

This investment accelerates our time to market, allowing us to better serve our clients and users.”<\/p>\n

Vincent Li. Founding Partner of Adaverse said “We are thrilled to invest in Mithu, whose founding team brings decades of deep experience in the restaurant and retail sectors.<\/p>\n

The opportunity to disrupt this vertical in Saudi Arabia is enormous, and we’re excited to be part of it.<\/p>\n

As Adaverse, we bring global expertise in technology, coupled with Web3 knowledge, to support Mithu in developing their cutting-edge solutions.<\/p>\n

This unique combination of industry insight, technological prowess, and market opportunity positions Mithu for significant success and growth.<\/p>\n

We look forward to witnessing their impact on the Saudi Arabian market and beyond.”<\/p>\n

Mithu’s founding team offers a depth of expertise that positions the company at the forefront of Web3, Al, and customer loyalty innovation.<\/p>\n

CEO Mohsin Qureshi boasts over 15 years in foodtech, q-commerce, and technology startups, having held key leadership positions at Foodics, Cheetay, and Delivery Hero.<\/p>\n

CTO Asif Ali brings experience from leadership roles at Careem, Swvl, and foodpanda, and is currently pursuing a Ph.D. in Al.<\/p>\n

A Mithu is a loyalty platform that brings all your rewards into one convenient app.<\/p>\n

By offering network-wide rewards, on-chain memberships, and engaging gamification, Mithu enhances customer interaction with their favorite stores.<\/p>\n

For merchants, our advanced Al-driven analytics provide deep insights to optimize performance and drive business growth.<\/p>\n

About Adaverse: Adaverse is a blockchain & Web3 Investment Fund, Accelerator and Venture Builder.<\/p>\n

With 60 investments, including 20 accelerated startups across 13 countries, Adaverse leads the Web3 revolution in Saudi Arabia.<\/p>\n

It guides founders from ideation to scaling, with investments in TakaDAO, Nuqtah, Oumla, Sorbet, Mithu and Umrah Cash.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Adaverse, a leading Web3 venture builder, has announced a $500,000 pre-seed investment in Mithu, an innovative loyalty platform aggregator for restaurants and cafes in Saudi Arabia<\/p>\n","protected":false},"author":11,"featured_media":31109,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"post_subtitle":"","footnotes":""},"categories":[1772],"tags":[5304,5453],"class_list":["post-31108","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startups","tag-adaverse","tag-mithu-en"],"_links":{"self":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/posts\/31108","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/comments?post=31108"}],"version-history":[{"count":0,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/posts\/31108\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/media\/31109"}],"wp:attachment":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/media?parent=31108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/categories?post=31108"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/tags?post=31108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}