Merak Capital invests SAR 310.8 mn in Saudi smart mobility provider Shift

Merak Capital invests in Shift’s growth: Jeddah-based smart mobility solutions provider Shift will receive a capital injection of SAR 310.8 mn (c. USD 82.8 mn) by Saudi Arabia’s Merak Capital, according to a statement.

What we know: Shift will use the funds to further develop its smart solutions, improving efficiency, sustainability, and connectivity throughout the Kingdom's mobility and logistics system, according to a separate statement.

About Shift: Established in 2017, Shift is a comprehensive platform specialized in tech-focused mobility solutions for products and customers. It operates in 57 Saudi cities and boasts a fleet of over 12k vehicles.