Shift Raises $83m from Merak Capital

Shift, a mobility company headquartered in Jeddah has raised $83 million in funding from Merak Capital, another Saudi-Arabia-based investment firm.

The company announced in a statement yesterday that this is the third growth (or private equity) investment by Merak Capital. Merak previously invested $40 million in data company Master Works in 2022. They also invested $30 million in HR software startup Jisr in late 2023.

Shift offers different mobility solutions, including car rentals, chauffeur-driven cars, last mile, line haul, group transportation, and leasing services. A presentation by Shift refers to it as a hybrid between brick and mortar, and a technology firm. It also offers car rentals and chauffeur-driven cars through its mobile app on an hourly or daily basis.

Khalid Al-Sulaiman founded Shift in 2017. He was previously a board director at Alsulaiman Group, one of the leading conglomerates in the Kingdom with businesses and investments in retail (Ikea Saudi), logistics, real estate, and technology. He is also a board member of the family office of the group, Alsulaiman Investments and tech investor iMENA.

“This partnership will accelerate our growth, allowing us to expand our services and enhance our technology to meet the evolving needs of our customers, particularly within the tourism sector. 

“Together, we are poised to set new standards for efficiency, sustainability, and service excellence, driving towards a future where technology and sustainability create lasting value for our customers, stakeholders, and communities,” he said.

Commenting on the collaboration, Abdullah Altamami, CEO of Merak Capital, said, “We are extremely excited about our investment in Shift. They are a local champion shaping the future of mobility in the Kingdom, led by its trailblazing founder, Khalid Alsulaiman.

“Our belief in the impact of technology on the mobility of people, products, and business is profound. With our position as one of the leading technology investment firms in the region, coupled with the innovation and capabilities of Shift as a mobility pioneer, we believe this partnership will yield tremendous success for all stakeholders. This is including our partners, investors, and the thriving economy of the Kingdom across multiple sectors.”