Shift, a Jeddah-based mobility company, has announced an $83 million investment from Saudi investment firm Merak Capital. This marks Merak Capital’s third significant investment, following a $40 million investment in data company Master Works in 2022 and a $30 million investment in HR software startup Jisr in late 2023.
Founded in 2017 by Khalid Al-Sulaiman, Shift offers a range of mobility solutions, including car rentals, chauffeur-driven cars, last mile delivery, line haul, group transportation, and leasing services. The company positions itself as a hybrid between a traditional brick-and-mortar and a tech firm, predominantly operating as an omnichannel mobility company with a significant focus on car rentals.
Shift operates hundreds of car rental outlets across 57 cities in Saudi Arabia, boasting a fleet of over 12,000 vehicles. Additionally, it manages 1,200 commercial vehicles and provides flexible rental options through its mobile app, catering to hourly and daily needs.
Khalid Al-Sulaiman, who has a background as a board director at the Alsulaiman Group—a major Saudi conglomerate with interests in retail, logistics, real estate, and technology—highlighted the investment’s potential. “This partnership will accelerate our growth, allowing us to expand our services and enhance our technology to meet the evolving needs of our customers, especially in the tourism sector. We aim to set new standards for efficiency, sustainability, and service excellence,” said Al-Sulaiman.
Abdullah Altamami, CEO of Merak Capital, expressed his enthusiasm about the investment. “We are thrilled to invest in Shift, a pioneering firm that is reshaping mobility in the Kingdom under the leadership of Khalid Alsulaiman. With our track record as a leading technology investment firm and Shift’s innovative approach, we are confident that this partnership will benefit all stakeholders and significantly impact the Kingdom’s economy in sectors such as tourism, transportation, hospitality, logistics, and more,” he remarked.
Shift’s corporate client base includes prominent names like Ikea, Flow, Noon, Amazon, Panda, and Saudi Aramco, underscoring its robust presence in the mobility sector.
