Homegrown loyalty platform aggregator Mithu secured a USD 500k pre-seed investment from Adaverse, a Web3 venture builder, according to a press release picked up by Wamda.

The pitch: Founded earlier this year, Mithu (pronounced Mit-who) works to integrate multiple loyalty programs into a single gamified platform, making it easier for customers to manage all their programs and limiting the amount of money lost on those that go unutilized.

IN CONTEXT- Adaverse is a venture fund and cardano accelerator that aims to scale Web3 solutions within the blockchain sphere. The fund has invested in some 60 startups across 13 countries globally, with a focus on Asia, the Middle East, and Africa. Adaverse’s “expertise in Web3 and gamification is invaluable as [Mithu develops] a tokenized version of [its] app,” Mithu founder Mohsin Qureshi said.

All part of the plan: The venture fund had committed USD 10 mn for investments in Saudi Web3 startups throughout the current year, making its first investment in a Saudi startup with fintech startup Takadoe earlier this year.

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