Jeddah, Saudi Arabia – Shift, a Saudi-based company specializing in smart transportation and logistics services, has successfully raised $82.8 million (SAR 310.8 million) in a seed funding round led by Merak Capital. This significant investment aims to accelerate Shift’s growth and further its innovative solutions, positioning the company as a key player in the Kingdom’s transportation sector.
About Shift
Founded in 2017 by Saudi entrepreneur Khaled Al-Sulaiman, Shift is headquartered in Jeddah and provides a wide range of smart transportation and logistics solutions. The company offers services such as:
- Short and long-term car rentals: Meeting the transportation needs of individuals and businesses.
- Car-sharing: Promoting sustainability by reducing the number of vehicles on the road.
- Chauffeur-driven rentals: Ideal for personal and corporate transportation.
- Last-mile delivery: A critical component of its logistics services, delivering goods directly to end customers.
- Long-distance transport: Facilitating the movement of goods across the Kingdom.
- Bus transportation: Enhancing group mobility through tailored bus transport services.
With operations across 57 cities in Saudi Arabia and a fleet of over 12,000 vehicles, Shift has established itself as a leader in smart logistics and transportation.
Merak Capital Leads the Funding Round
Merak Capital, a top investment firm specializing in technology and innovation in Saudi Arabia, spearheaded the funding round. Abdullah Al-Tamami, CEO and Partner at Merak Capital, expressed excitement about the investment and praised Shift’s potential to transform the local transportation industry.
“We are thrilled about our new investment in Shift,” said Al-Tamami. “The company represents a strong local force, striving to shape the future of transportation in the Kingdom under the visionary leadership of Khaled Al-Sulaiman. Our conviction in the role of technology to enhance transportation experiences is unwavering. With our track record in tech investments and Shift’s capabilities, we are confident this partnership will drive significant success for all stakeholders, from investors to the broader Saudi economy.”
Shift’s Vision for the Future
Khaled Al-Sulaiman, Founder and CEO of Shift, underscored the importance of the partnership with Merak Capital. He emphasized that the new funding would enable Shift to enhance its services and technology, driving growth and innovation in the Kingdom’s transportation and logistics sectors.
“We are excited to partner with Merak Capital, whose investment will support our innovative approach and commitment to transforming transportation in Saudi Arabia,” said Al-Sulaiman. “This partnership allows us to expand our services and technologies to meet the evolving needs of our customers, particularly in the tourism sector. We are setting new standards for efficiency, sustainability, and service excellence, while contributing to a future where technology and sustainability are central.”
Merak Capital’s Track Record of Investments
Merak Capital has been at the forefront of tech investment in the region, leading rounds for companies focused on innovation and growth. Recently, the firm led a SAR 112 million investment round for human resources tech company “Jisr” and a SAR 10 million round for “Lazem.” In addition, Merak Capital manages an investment fund focusing on the gaming and eSports sectors, valued at SAR 306 million.
With this latest investment, Shift is well-positioned to lead the transformation of transportation and logistics in Saudi Arabia, contributing to the Kingdom’s Vision 2030 goals of fostering innovation, sustainability, and technological advancement in critical sectors such as tourism and logistics.
