UAE-based car rental service Udrive has just raised $1.3 million through “Eureeca,” an equity crowdfunding platform with offices in Dubai, London, Amsterdam and Kuala Lumpur.
As part of its Series A round, the pay-per-minute service attracted 186 investors in just 48 hours.
“In October, we decided that now was the time to continue our Series A funding round with Eureeca, a plan that originated in January 2020. As a regulated funding vehicle, Eureeca was able to give investors, many of whom are our customers, greater levels of confidence in investing in our business. Thanks to this funding, the future of the company looks incredibly positive.”
Hasib Khan, CEO and Founder, Udrive
The investment is expected to boost the fleet of cars in the UAE while also paving the way for expansion into Saudi Arabia and Turkey as part of the company’s drive back into growth mode.
Founded in in 2016, according to Crunchbase, Udrive has around 180,000 registered users across Dubai, Abu Dhabi, Sharjah, and Ajman. Excluding this round, Udrive raised $6 million to date. The company recently served their millionth trip, with user growth expected to double in 2021 as new users increased by 20% in the last six months.
“We’re delighted Udrive has been able to reach the target initially set out on Eureeca.com, which forms part of the company’s Series A funding strategy, in such a short period of time. Udrive has now gone into overfunding and is still open to investors keen to own a share in the company.”
Sam Quawasmi, co-founder, Eureeca
Udrive’s round on Eureeca comes after recent funding announcements of $1.2 million and $2.4 million for UK-based companies Teysha Technologies and the multi-award-winning electricity storage company Storelectric, respectively.
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