August 19, 2024
Adaverse, a leading Web3 venture builder, has invested $500,000 in pre-seed funding into Mithu, a Saudi-based platform that aggregates loyalty programs for restaurants and cafes. Mithu aims to solve the problem of customers managing multiple loyalty programs, which results in billions of dollars in expired points annually.
Project | Latest Raise | Latest Raise Date | Stage | Lead Investor | Category |
|---|---|---|---|---|---|
Mithu | $500k | August 19, 2024 | Pre-Seed | Adaversw | Web3 |
In Saudi Arabia, only 2.5% of restaurants offer loyalty programs, highlighting a significant market opportunity. Globally, around $100 billion in loyalty points expire each year, with customers typically enrolled in 17 programs and 68% dropping out within the first year.
Mithu’s founder, Mohsin Qureshi, expressed enthusiasm about Adaverse’s involvement, noting their expertise in Web3 and gamification will help develop a tokenized version of Mithu’s app. Vincent Li, Adaverse’s Founding Partner, praised Mithu’s experienced team and the potential to revolutionize the loyalty program sector in Saudi Arabia. Adaverse’s global tech and Web3 knowledge will support Mithu in creating innovative solutions, positioning them for significant growth and impact in the market.
About mithu
Mithu is a loyalty platform aggregator based in Saudi Arabia, designed to streamline and enhance the loyalty program experience for restaurants and cafes. The platform allows users to earn and manage rewards, access exclusive perks, and achieve elite status at partnered eateries. Mithu aims to address the common issue of managing multiple loyalty programs, which often leads to expired points and customer churn. By offering a unified system, Mithu simplifies the process, enabling users to accumulate and spend rewards more efficiently. The platform also incorporates gamification and tokenization, providing a modern and engaging approach to customer loyalty.
Website: https://mithu.com/
About Investor
Investor: Adverse
Adaverse is a prominent Web3 venture builder that focuses on accelerating the growth of blockchain and cryptocurrency startups. By providing strategic investments, mentorship, and resources, Adaverse aims to foster innovation and development within the Web3 ecosystem. The firm collaborates with a diverse range of projects, offering expertise in areas such as tokenomics, decentralized finance (DeFi), and blockchain technology. Adaverse’s mission is to support the next generation of blockchain entrepreneurs, helping them bring transformative solutions to market and drive the adoption of decentralized technologies.
Location: Singapore
Website: https://www.adaverse.co/
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