invygo, a car subscription and mobility startup, raised $10 million in a Series A funding round led by Middle East Venture Partners (MEVP). The round also included participation from leading financial institutions, including Al Rajhi Partners, Arab Bank and Amana Capital, Palm Drive Capital, and existing global investors Signal Peak Ventures and Knollwood Investment Advisory.
The startup launched in 2019 and is a car subscription platform that partners with brands and dealers in the United Arab Emirates and Saudi Arabia to create alternative pathways to vehicle ownership and new economic opportunities through car subscriptions.
With this investment, invygo will double down on its presence in KSA and UAE, expand to new regional markets that have low vehicle penetration rates, and invest in its technology, with an updated product design already underway. The startup is also planning to hire talent across the UAE and KSA in the next 12-18 months.
“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,” said Eslam Hussein, co-founder and CEO of invygo.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.