Riyadh, Saudi Arabia — Adaverse, a prominent Web3 venture builder, has committed a $500,000 pre-seed investment in Mithu, an emerging loyalty platform aggregator designed specifically for restaurants and cafes in Saudi Arabia. This strategic investment is poised to transform the loyalty program landscape in the Kingdom by addressing a significant pain point for both customers and businesses.
Mithu’s innovative platform tackles a critical issue in the loyalty program market, where customers are often overwhelmed by managing multiple loyalty programs, leading to the expiration of billions of dollars worth of points annually. Currently, only 2.5% of restaurants in Saudi Arabia offer loyalty programs, highlighting a substantial untapped market opportunity. Globally, an estimated $100 billion in loyalty points expire each year, with customers enrolled in an average of 17 loyalty programs—68% of which see customer churn within the first year.
Mithu aims to simplify and enhance customer engagement by aggregating various loyalty programs into a single, gamified app. This approach is expected to significantly improve customer retention, particularly for SMEs in the food and beverage industry. Since its founding earlier this year, Mithu has already secured agreements with approximately 200 restaurants in Riyadh, demonstrating strong early traction.
“We’re thrilled to have Adaverse on board,” said Mohsin Qureshi, Founder of Mithu. “Their expertise in Web3 and gamification is invaluable as we develop a tokenized version of our app. This investment accelerates our time to market, allowing us to better serve our clients and users.”
Vincent Li, Founding Partner of Adaverse, expressed excitement about the partnership: “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. 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 founding team is well-equipped to lead this transformation. CEO Mohsin Qureshi has over 15 years of experience in foodtech, q-commerce, and technology startups, with key leadership roles at companies such as Foodics, Cheetay, and Delivery Hero. CTO Asif Ali brings valuable expertise from leadership positions at Careem, Swvl, and foodpanda and is currently pursuing a Ph.D. in AI.
With Adaverse’s backing, Mithu is set to revolutionize the loyalty program ecosystem in Saudi Arabia, leveraging cutting-edge technology and deep industry knowledge to create a seamless, engaging experience for customers and businesses alike.
