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Saudi’s Advantage raises $12 million pre-Collection B for its buyer rewards and engagement platform

Saudi’s Advantage raises $12 million pre-Collection B for its buyer rewards and engagement platform 

Riyadh-headquartered rewards and engagement platform Advantage has raised $12 million in an ‘oversubscribed’ pre-Collection B spherical led by The Saudi Funding Financial institution’s funding arm Alistithmar Capital i-Cap, and joined by present traders; Saudi’s Tech Make investments Com and Hambro Perks Oryx Fund, it introduced immediately in an announcement to MENAbytes. The startup initially deliberate to boost $5 million.

“SAIB funding into Advantage is the primary funding of the newly launched SAIB Enterprise Studio, which has been set as much as launch new initiatives for patrons in expertise and monetary applied sciences, leveraging SAIB’s capabilities,” famous the assertion.

Based in 2016 by Julie Barbier-Leblan, Advantage owns and operates completely different on-line platforms, offering companies with gifting, rewards, and engagement options for each prospects and workers. Began in Dubai, Advantage moved its headquarters to Riyadh in 2023.

The flagship product of Advantage is a white-labeled loyalty and rewards market that enterprises can use to arrange rewards and incentive packages for his or her prospects and workers. The companies can customise {the marketplace} in keeping with their model, enabling end-users to buy rewards and incentives utilizing factors and/or money.

Advantage has over 6,000 retail and repair companions from greater than 100 international locations to supply rewards and incentives from completely different industries and classes, together with hospitality, retail, journey, well being, and extra.

The startup additionally runs Rewardsby, a SaaS platform that enables companies to entry, purchase and ship rewards to their prospects or workers, for a month-to-month payment. Along with the worth of the reward or reward being despatched, Rewardsby additionally expenses a 3 % processing payment.

One other platform operated by Advantage is GiftCardsBy. It permits on-line and offline companies to promote reward playing cards to their prospects. The companies can design their reward card and arrange the reward card web site utilizing the platform. It serves as a device to assist companies improve their income. GiftCardsBy can be utilized for a month-to-month payment ranging from $25.

Advantage makes use of its massive community of companions to serve customers instantly as nicely, with GiftiGlobal, which permits anybody to purchase a present card for themselves or another person. There are over 4,000 on-line reward playing cards obtainable on the platform. A number of the choices for the UAE, for instance, embody Ikea, Danube, Al Nahdi Pharmacy, Midday, Talabat, Anghami, and many others.

The Dubai-born startup claims to have over 1,000 purchasers utilizing its services. In an announcement, it mentioned that it grew its person base by over 80 % in 2023, and its general enterprise by 60 %. Advantage mentioned that it distributed over 1,000,000 rewards and items in 2023, in Saudi Arabia, alone.

Julie Barbier-Leblan, the founder and CEO of Advantage, mentioned, “We’re feeling optimistic about our progress on each worldwide and regional fronts. As we glance forward, we now have thrilling aims on the horizon for the approaching years. Our elevated involvement in Saudi Arabia’s tech innovation ecosystem is one thing we’re notably happy about. Wanting ahead, we anticipate a busy 12 months forward as we put together to launch strategic tasks. We acknowledge the immense market alternative that awaits us, and we’re assured that our proprietary engagement options will meet the wants of our customers.”

Faisal Al-Omran, the CEO of The Saudi Funding Financial institution mentioned, “This strategic collaboration with Advantage goals to launch modern digital options to the market. It comes as an end result of the untiring efforts by SAIB Enterprise Studio, to put money into modern applied sciences and fintech corporations, and launch a stream of initiatives in fintech and loyalty packages.”

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