Dubai Transport-Tech Startup Invygo Raises $1 Million in Pre-Series A Round
Fresh off its seed round in Q4 2019, the car subscription startup shows no signs of slowing down.
Not even a year after their $1 million seed round, Dubai-based transport-tech startup Invygo has matched their previous funding with a $1 million pre-Series A funding round led by EQ2 Ventures, Class 5 Global, and 500 Startups.
Since their last funding round in Q4 2019, the startup has tripled the size of its customer base, increased its dealership partners from two to seven, and now has 12 car brands on the platform, offering greater choice for customers. They aim to use the funds to invest in technology and expand into new customer segments.
Invygo is the first digital car subscription startup in the MENA region, offering an alternative to owning or leasing a car. Customers can choose a car, upload their license and sign their documents all from within the app, and the car is delivered to their home within hours. Customers pay monthly to drive the car and can even request servicing or return their car whenever they need to, with the tap of a button.
The service -- already attractive to young professionals who want to drive their own car without the massive financial commitment -- might be particularly viable in the post-COVID world. “The coronavirus crisis has now affected almost every part of our world; for many years to come, it will change the way we all move and commute,” says Patrick Thiriet, CEO of Equitrust.
“Our customers have seen the real value of the subscription model, over owning a car,” says CEO and co-founder Eslam Hussein. “With many people working from home and spending less time driving to and from work, our customers have been able to easily pause their subscription, swap to a less expensive car, or save money by choosing a lower mileage option. We’re happy that our business model has been able to help people at this time, who otherwise would have been tied into monthly loan payments even though their life circumstances had changed.”
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Jan 31, 2024