Saudi Secures $83 Million Expansion Funding for its Multi-Platform Car Rental and Mobility Service
Shift, a mobility company based in Jeddah, has raised approximately $83 million from Saudi investment firm Merak Capital. This investment will accelerate Shift's growth, allowing it to expand services and enhance technology to meet the evolving needs of customers, particularly within the tourism sector.
Founded to support Saudi Arabia's Vision 2030 goals, Shift is focused on developing smart, safe, and sustainable transportation options such as robotaxis and autonomous delivery vehicles. The company has been a key player in Saudi Arabia's drive toward autonomous mobility, backed by significant investment and aligned with national strategic goals to modernize transport and logistics through innovative, clean, and technology-driven solutions.
Shift currently offers various mobility solutions, including car rentals, chauffeur-driven cars, last mile, line haul, group transportation, and leasing services. In addition to its autonomous mobility initiatives, the company operates a fleet of 1,200 commercial vehicles and hundreds of car rental outlets in 57 cities across the Kingdom, with a fleet of over 12,000 vehicles.
The rapidly growing Saudi market prioritizes autonomous mobility as part of Vision 2030, which targets 25% of goods transport vehicles to be autonomous by 2030 and aims to transform urban transport. Shift participates in pilot deployments of driverless robotaxis in key urban areas like Riyadh, in partnership with local entities and global technology providers, fostering smart city initiatives and reducing traffic and emissions.
With the fresh $83 million funding from Merak Capital, Shift plans to scale its autonomous robotaxi fleet and smart logistics services across Saudi Arabia, leveraging new commercial market opportunities intensified by rising ride-hailing and delivery demands. The company aims to deploy cost-efficient, high-performance platforms for robotaxis, enabling more affordable and widespread autonomous vehicle services in controlled environments and smart city hubs like NEOM.
Shift's approach includes integrating autonomous mobility into mixed-use developments and commercial zones, aligning with Saudi Arabia’s broader land transport and smart city strategies to transform urban transportation and goods delivery. The supportive regulatory environment and investment in infrastructure in Saudi Arabia facilitate Shift’s growth, as demonstrated by the Transport General Authority’s backing and public-private partnerships with firms like Jahez and ROSHN Group.
Merak Capital has previously invested $40 million in data company Master Works in 2022 and $30 million in HR software startup Jisr in late 2023, demonstrating its commitment to supporting innovative Saudi startups. Khalid Al-Sulaiman, founder of Shift, was previously a board director at Alsulaiman Group, a leading conglomerate in the Kingdom. Al-Sulaiman is also a board member of Alsulaiman Investments and tech investor iMENA.
In summary, Shift's recent investment will drive the company's expansion and innovation in autonomous and shared mobility solutions in Saudi Arabia, contributing to the country's Vision 2030 goals and the global shift towards sustainable and technology-driven transportation.
- Shift, receiving $83 million from Saudi investment firm Merak Capital, will use this funding to expand its autonomous robotaxi fleet and smart logistics services in Saudi Arabia.
- As the Saudi market prioritizes autonomous mobility, Shift's investment in technology-driven transportation options, such as robotaxis, aligns with Vision 2030's goal to modernize transport and logistics.
- By fostering partnerships with local entities and global technology providers, Shift is able to deploy driverless robotaxis in key urban areas, supporting smart city initiatives and reducing traffic and emissions.
- Khalid Al-Sulaiman, the founder of Shift, sits on boards for both Alsulaiman Group, a leading conglomerate in the Kingdom, and tech investor iMENA, which may enable further growth and investing opportunities in the industry, finance, and technology sectors.
