Saudi’s Benefit raises $28 million Sequence B to develop its buyer rewards platform 

Dubai-based buyer rewards and engagement platform Benefit has raised $28 million in a Sequence B funding spherical led by Alistithmar Capital and Tech Make investments Com, with participation from Endeavor Catalyst, Salica Investments, and Stride Ventures.

Based in 2016 by Julie Barbier-Leblan, Benefit offers companies with gifting, rewards, and engagement options by its varied platforms. The corporate, which moved its headquarters to Riyadh in 2023, operates a white-labeled loyalty market that allows enterprises to create personalized rewards applications for patrons and workers.

The startup has constructed a community of over 6,000 retail and repair companions throughout greater than 100 nations, providing rewards from varied classes together with hospitality, retail, journey, and well being. Benefit’s product portfolio consists of Rewardsby, a SaaS platform for companies to ship rewards, and GiftCardsBy, a platform for companies to create and promote present playing cards.

Benefit plans to make use of the contemporary funds to increase its presence in key markets, together with Saudi Arabia, the UAE, and Egypt, whereas enhancing its know-how infrastructure. The corporate additionally goals to implement an “Agent as a Service” mannequin using AI instruments to assist enterprise engagement and loyalty methods.

The Sequence B spherical follows Benefit’s $12 million pre-Sequence B funding in Might 2024, which was led by Alistithmar Capital i-Cap and included Tech Make investments Com and Hambro Perks Oryx Fund. The corporate reported vital progress in 2023, rising its person base by over 80 p.c and distributing greater than one million rewards in Saudi Arabia alone.

The funding reinforces Benefit’s place within the MENA area’s buyer engagement sector, the place it serves over 1,000 shoppers by its varied services.

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