Car Subscription Startup, Invygo, Has Raised $10 Million In Series A Round

Car Subscription Startup, Invygo, Has Raised $10 Million In Series A Round

Car subscription and mobility startup, Invygo, has recently raised a Series A funding round of Ten Million US dollars ($10 million). This new raise will assist the startup with its expansion plans, as it intends to expand its market offering.

The round was led by the  Middle East Venture Partners (MEVP) while it had the participation of other financial institutions such as Arab Bank, Al Rajhi Partners, Amana Capital and Palm Drive Capital. Previous investors such as  Knollwood Investment Advisory and Signal Peak Ventures also got involved in the raise.

Founded by Eslam Ahmed Hussein and Pulkit Ganjoo, the Dubai-based startup was launched in 2019 to establish a convenient method towards acquiring car ownership. The startup has partnered with various car dealers and brands to achieve this feat for users. With this platform, users have the opportunity to enrol for a car subscription, whereby they obtain a vehicle and pay the price in instalments, this way economic strain is avoided.

So far, since its inception, Invygo has raised a total of Fourteen Million US dollars ($ 14 million). This new raise will propel invygo plan to expand into new regional markets with a low mobile penetration rate. The startup can also invest in its technical assistance now, providing an updated version of its platform soon, it also intends to employ more talent in the next 12-18 months into its team, this will be done across the  UAE and KSA.

While making a comment about the recent raise, invygo’s CEO and co-founder, Eslam Hussein said “invygo’s vision is to enable financial inclusion at scale by creating access to mobility for millions of people in the MENA region. Car subscription with invygo provides customers with unparalleled convenience and financial flexibility. Since our launch, invygo has achieved leadership in the car subscription category, with 4x average growth annually. Today, we are excited to welcome world-class investors on board as we strengthen our leadership position in KSA and the UAE, along with plans for regional expansion. We offer investors a financially sustainable model which is fit for the current macroeconomic environment, and builds confidence in our business.”

 

Anuoluwamipo. E. Idowu

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