Saudi mobility startup Shift has raised $82.8 million in a funding round led by Merak Capital, one of the largest investment deals in the region’s mobility sector this year, and underscores growing momentum within the Middle East’s tech and mobility sectors, innovation continuing to drive regional growth.

Founded by Khalid Al-Sulaiman in 2017, Shift is a technology-driven car rental company that offers mobility solutions for individuals as well as products. The firm has gained widespread success across Saudi Arabia and has already established its presence in 57 cities with more than 12,000 fleet size. Such investment will be seen as catalyzing growth for Shift, enriching its technological offerings, and expanding its services, especially in the tourism sector.

We are excited to be partnering with Merak Capital, whose investment has already validated the innovation and commitment towards revolutionizing mobility solutions in Saudi Arabia,” he said. “The collaboration would enable them to expand their services and enhance their technology to meet the evolving needs of their customers. Moreover, this will drive the company further towards achieving future growth in terms of efficiency, sustainability, and service excellence,” stated Al-Sulaiman.

A strong investment company with proof of successful technology ventures, Merak Capital sees tremendous potential in Shift’s business model and its fit with broader regional trends. “We believe that there is profound impact technology may play in mobility and are confident that Shift’s innovations will have a transformative role across tourism, transportation, hospitality, and logistics segments.” said Abdullah Al-Tamami, CEO, Merak Capital.

It will fund the company’s fleet expansion, improve its mobility platform, and boost its position as a leader in the rapidly evolving mobility landscape of Saudi Arabia, where the Kingdom seeks technological solutions for a more sustainable future.