Adaverse, a prominent Web3 venture builder, has announced a substantial $500,000 pre-seed investment in Mithu, an innovative loyalty platform designed to streamline customer engagement for restaurants and cafes across Saudi Arabia.
Mithu addresses a significant challenge in the loyalty program market. With countless loyalty programs in place, customers often struggle to manage their rewards effectively, leading to the expiration of billions of dollars worth of points every year. Mithu aims to simplify this process by aggregating these programs into a single, gamified application, making it easier for users to keep track of their rewards and for businesses to retain customers.
Market Potential and Key Insights
In Saudi Arabia, only 2.5% of restaurants currently offer loyalty programs, highlighting a significant untapped market. On a global scale, an estimated $100 billion worth of loyalty points expire annually, with the average customer participating in 17 loyalty programs. Nevertheless, despite this, 68% of customers tend to disengage from these programs within their first year of enrollment. Mithu’s solution seeks to reverse this trend by enhancing customer retention and engagement, particularly for small and medium-sized enterprises (SMEs) in the food and beverage industry.
Since its inception earlier this year, Mithu has already secured agreements with approximately 200 restaurants in Riyadh, signaling strong early interest in the platform.
Strategic Partnership and Future Plans
Mithu’s partnership with Adaverse is seen as a major step forward. “We’re thrilled to have Adaverse on board,” said Mohsin Qureshi, Founder of Mithu. “Their expertise in Web3 and gamification is invaluable as we develop a tokenized version of our app. This investment accelerates our time to market, allowing us to better serve our clients and users.”
Vincent Li, Founding Partner of Adaverse, echoed this excitement. “We are excited to invest in Mithu, whose founding team brings a wealth of experience in the restaurant and retail sectors. The opportunity to disrupt this industry in Saudi Arabia is immense, and we’re eager to support Mithu in developing their cutting-edge solutions. Our global expertise in technology and Web3 knowledge will be key in positioning Mithu for significant success and growth.”
Leadership and Vision
Mithu’s leadership team is poised to drive the company to the forefront of Web3, AI, and customer loyalty innovation. CEO Mohsin Qureshi brings over 15 years of experience in food technology, q-commerce, and tech startups, having held leadership roles at notable companies such as Foodics, Cheetay, and Delivery Hero. CTO Asif Ali also brings significant expertise, with a background that includes leadership positions at Careem, Swvl, and foodpanda, and is currently pursuing a Ph.D. in AI.
With a strong foundation and the backing of Adaverse, Mithu has a good chance to revolutionize customer loyalty programs in Saudi Arabia and beyond.
