Dubai-headquartered car subscription platform Invygo raised $1.9 million in a pre-Series A round from Signal Peak Ventures, JS Group, Wealth Well, Knollwood Investment Advisory, Saudi Arabia’s Dr. Faisal Al Kadi, Khalid AlKhudairi, Ahmed Alola, and some other investors.
Since 2018, Invygo has been shopping the Middle East’s car subscription ecosystem, remodeling the automotive industry, and transforming customers’ experience. The platform provides its users with over 40,000 cars from 50 different brands at affordable prices. Invygo’s partnerships with Enterprise (Al Jomeih), Budget Saudi and Al Jabr in Saudi Arabia, as well as National Car Rental (Al Tayer), Diamondlease (Al Habtoor), and Shift (A W Rostamani) in the UAE give its users a massive selection of cars which include Toyota, Nissa, Ford, BMW, Range Rover and Mercedes-Benz.
“As we continue to expand across the Middle East, we are excited to welcome investors who share our vision to unlock the potential of the rapidly growing car subscription sector. By leveraging innovative technology, Invygo is helping dealers and rental companies to monetize their inventory while creating a generational shift in how people around the region access cars,” said Eslam Hussein, co-founder, and CEO of Invygo.
To date, the company has raised over $4.2 million and has grown 5 times since April 2020. The subscription services, such as Invygo, contribute to improving the region’s low motorization rate, particularly because of the high down-payments and cost of ownership, and limited financing options.
Invygo provides a deposit-free, all-inclusive experience provides free maintenance, servicing, insurance, and complimentary delivery & pick up for its customers, with subscription periods beginning from 30 days. Through its partnership with Careem, Invygo is giving Saudi youth access to over 100 affordable and unlimited mileage cars across five models.
Hussein added, “Car subscription services are reimagining the mobility sector in the Middle East as consumers desire a flexible automotive experience, zero financial risk and mitigate the impact of depreciation. As we expand our presence across the UAE and Saudi Arabia, customers will not only have a choice of vehicles but also change cars as they require.”
The recently acquired $1.9 million will allow the startup to create new partnerships with dealers, and car rental companies, providing its customers with an even more diverse catalog of cars, while growing its engineering talent.
Salaal Hasan, Associate Director – Venture Capital, JS Group, said, “As the first-ever car subscription service in MENAPT, Invygo has a phenomenal track record and has achieved consistent capital-efficient growth reflective of their leadership position. We are excited to participate in the next stage of Invygo’s journey, partnering with world-class founders as Invygo advances its vision to disrupt the traditional car ownership model in the region.
“The growth trajectory we have experienced has been inspiring and our product teams are accelerating the deployment of artificial intelligence and machine intelligence capabilities to transform our customer experience. By nurturing in-region technical talent, we are focused on building a world-class product that is shaped by a deep understanding of local market needs,” added Pulkit Ganjoo, co-founder and Director of Data Science at Invygo.