Riyadh - Sharikat Mubasher: Mithu, an innovative loyalty platform aggregator for restaurants and cafes in Saudi Arabia, secured $500,000 in a pre-seed funding round from Adaverse, the leading Web3 venture builder.

In a statement, Mithu revealed it will utilize this investment to accelerate its growth in the market and better serve its clients and users.

Founded in 2024, Mithu aims to increase customer engagement and help businesses, particularly small and medium-sized enterprises (SMEs) in the food and beverages industry, retain customers more effectively.

Commenting on the round, Mohsin Qureshi, Founder of Mithu, said: “We’re thrilled to have Adaverse on board. Their expertise in Web3 and gamification is invaluable as we develop a tokenized version of our app.”

Meanwhile, Vincent Li, Founding Partner of Adaverse, stated: "As Adaverse, we bring global expertise in technology, coupled with Web3 knowledge, to support Mithu in developing their cutting-edge solutions. This unique combination of industry insight, technological prowess, and market opportunity positions Mithu for significant success and growth.”

Mithu targets solving a critical problem in the loyalty program market, where customers struggle to manage multiple loyalty programs, and billions of dollars worth of points expire annually.