Adaverse Allocates $500K Pre-Seed Investment to Mithu, a Burgeoning Loyalty Platform Aggregator Targeting the Restaurant and Cafe Industry in Saudi Arabia

Adaverse, a prominent Web3 venture builder, has allocated a substantial pre-seed investment of $500,000 to Mithu, a burgeoning loyalty platform aggregator

Adaverse, a prominent venture builder in the Web3 space, has announced a substantial pre-seed investment of $500,000 in Mithu, a burgeoning loyalty platform aggregator targeting the restaurant and cafe industry in Saudi Arabia. Mithu is tackling a significant pain point in the loyalty program market, where customers face difficulties managing multiple loyalty programs, leading to the annual expiration of billions of dollars’ worth of points.

In Saudi Arabia, only 2.5% of restaurants currently offer loyalty programs, highlighting a vast potential market that remains largely untapped. On a global scale, approximately $100 billion worth of loyalty points expire each year, underscoring the inefficiency and fragmentation of existing loyalty systems. Furthermore, customers typically manage an average of 17 loyalty programs, with a significant churn rate of 68% within the first year.

Mithu is proposing an innovative solution by consolidating multiple loyalty programs into a single, gamified application. This approach aims to enhance customer engagement and assist businesses, particularly small and medium-sized enterprises (SMEs) in the food and beverage sector, in retaining their clientele more effectively. Founded earlier this year, Mithu has already secured agreements with around 200 restaurants in Riyadh.

“Partnering with Adaverse will help us build a tokenized version of the Mithu app, leveraging their expertise in Web3 and gamification. This investment and partnership will enable Mithu to enter the market faster and serve our customers and users better,” said Mohsin Qureshi, founder of Mithu, commenting on the partnership and the venture builder’s role in the development of a tokenized version of the Mithu app.

“We’re excited to invest in Mithu, a loyalty platform that is set to revolutionize this vertical in Saudi Arabia. Mithu’s founding team has extensive experience in the restaurant and retail sectors, and we believe Mithu can achieve great things in this space,” said Vincent Li, founding partner at Adaverse, regarding the investment in Mithu and the company’s potential to transform the loyalty program market in the Kingdom.

“We’re thrilled to have Adaverse on board. Their global tech expertise and Web3 knowledge will help us build innovative solutions for Mithu. Together, we aim to make Mithu a leading loyalty platform in the region,” added Qureshi, expressing enthusiasm over the partnership and the support Adaverse will provide Mithu in creating innovative solutions for the loyalty platform app.

The founder of Mithu, Mohsin Qureshi, has over 15 years of experience in food tech, quick-commerce (q-commerce), and technology startups, having held key leadership roles at Foodics, Cheetay, and Delivery Hero. The CTO, Asif Ali, brings his expertise from leadership positions at Careem, Swvl, and foodpanda to the team while concurrently pursuing a Ph.D. in AI.

Mithu is at the forefront of innovation in Web3, artificial intelligence (AI), and customer loyalty. The company’s mission is to revolutionize the loyalty program market in Saudi Arabia and beyond, making a significant impact on the way businesses retain their customers and how consumers engage with loyalty programs.

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