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Invygo Secures USD 8M in Series A Extension

Invygo Secures USD 8M in Series A Extension
Image Source: Invygo

Invygo, the Middle East’s largest car subscription platform, has successfully raised USD 8M in a Series A extension. The funding round was led by STV’s newly launched NICE Fund, which offers non-dilutive capital through a unique equity-based structure. Existing investors, including Al Rajhi Partners, Arab Bank Ventures, SPV, MEVP, and C5, also participated.

This new funding comes as invygo surpasses a USD 100M GMV (Gross Merchandise Value) milestone. The company has maintained a sharp focus on achieving strong unit economics and increasing customer lifetime value (LTV).

One of the key drivers of invygo’s growth has been its “Subscribe to Own” (STO) model. This approach has proven particularly successful in Saudi Arabia. As a result, the company is nearing profitability, which it expects to reach by the end of FY 2024.

Focus on Customer Experience and Financial Sustainability

Invygo’s co-founder and CEO, Eslam Hussein, expressed excitement about the partnership with STV. He stated, “We are thrilled to welcome STV as a key partner in our journey. With the continued trust and support of our existing investors, we’re positioned to unlock new growth opportunities while keeping profitability firmly within our sights.”

The company has operated for 24 months without seeking external funding, highlighting its commitment to building a financially sustainable business. By reshaping mobility in the Middle East, Invygo aims to create meaningful customer experiences and expand its presence in the global mobility sector.

Expanding the “Subscribe to Own” Model in Saudi Arabia

Invygo’s innovative STO model has gained significant traction in Saudi Arabia, where traditional car financing options are limited. Ihsan Jawad, General Partner at STV, praised the company’s role in transforming access to mobility.

He commented, “Invygo’s ‘Subscribe to Own’ model has uniquely empowered individuals across Saudi Arabia, providing a seamless and accessible path to vehicle ownership through their mobile devices.”

The STO model has provided an affordable and straightforward solution for Saudi nationals and residents seeking car ownership. This has driven Invygo’s rapid expansion in the region, positioning it as a key player in the mobility market.

Impact on Regional Mobility and Market Trends

Invygo’s growth aligns with the region’s broader shift towards digital transformation, particularly in Saudi Arabia. By challenging conventional car ownership models, Invygo is disrupting the market, offering accessible mobility solutions.

As the company approaches profitability, its focus on customer-centric innovations positions it to further influence the evolving mobility landscape across the Middle East.

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