Saudi-based mobility company Shift has raised approximately $83 million in a significant investment round led by Merak Capital, a prominent Saudi investment firm. The announcement marks Merak Capital’s third major growth equity investment, following its $40 million stake in data company Master Works in 2022 and a $30 million investment in HR software startup Jisr in 2023.
Shift, founded in 2017 by Khalid Al-Sulaiman, is a leading player in Saudi Arabia’s mobility sector, offering a broad range of services including car rentals, chauffeur-driven cars, last-mile delivery, line haul, group transportation, and leasing. The company operates as an omnichannel platform, bridging traditional brick-and-mortar services with technology-driven solutions, making it a hybrid mobility provider.
With a fleet of over 12,000 vehicles spread across 57 cities in Saudi Arabia, Shift manages hundreds of car rental outlets and operates an additional 1,200 commercial vehicles for corporate clients. The company also offers flexible car rental and chauffeur services via its mobile app, available for hourly or daily use.
Speaking on the investment, Shift’s founder Khalid Al-Sulaiman, who has also served as a board director at Alsulaiman Group, a major Saudi conglomerate, said, “This partnership with Merak Capital will accelerate our growth, enabling us to expand our services and enhance our technology to meet the evolving needs of our customers, particularly within the tourism sector. Together, we aim 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.”
Merak Capital, a key player in the region’s technology investment landscape, expressed its optimism about Shift’s potential. Abdullah Altamami, CEO of Merak Capital, commented, “We are extremely excited about our investment in Shift, a local champion shaping the future of mobility in the Kingdom. Under the leadership of its visionary founder, Khalid Alsulaiman, Shift is pioneering innovations in mobility. Our belief in the transformative power of technology across sectors such as tourism, transportation, hospitality, and logistics aligns with Shift’s innovative approach. This partnership will drive success for all stakeholders, benefiting the Kingdom’s thriving economy and the broader region.”
Shift has established a robust clientele that includes major corporations such as Ikea, Flow, Noon, Amazon, Panda, and Saudi Aramco, underscoring its pivotal role in the mobility ecosystem. With this fresh capital injection, the company plans to further enhance its technology infrastructure and expand its services to meet the growing demand for efficient and sustainable mobility solutions in Saudi Arabia.
This investment represents a critical step forward in Shift’s journey to become a key player in the Kingdom’s ambitious plans for the future of mobility, aligning with Saudi Arabia’s Vision 2030 goals of advancing technological innovation and sustainability in key sectors.
