Thursday July 18th, 2024
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More Cars, Bigger Team, Better Product: KSA Car Rental App Ejaro Sets Out Plans for $850K Investment

Best described as the Airbnb of car rental, the peer-to-peer platform also has grander plans outside of KSA.

Staff Writer

KSA-based peer-to-peer car rental app, Ejaro, has announced that it has raised $850K from  Saudi's BIM Ventures alongside several angel investors in a seed round that will help in its plans for expansion.

Founder, Mohammed Khashoggi, will channel the investment into expanding the Ejaro team, growing its fleet of onboarded cars and developing Ejaro as a product. Launched in 2019, the concept is all very simple, allowing users to rent cars from vehicle owners at lower prices.

For Khashoggi, Ejaro offers solutions at both ends. “I personally had the problem of my own vehicle being parked most of the year as I travelled, and I was paying for insurance and maintenance fees while the value of the car itself was depreciating,” he previously told StartupScene on how he came to found the GCC’s first licensed peer-to-peer car sharing app. “Traditional car rental companies were also inconvenient for me, with issues of availability, long lines, and limited variety in cars and models.”

Khashoggi happily refers to Ejaro as the Airbnb of car rental and, as the app grows more and more popular in KSA, he has his eyes set on GCC, then MENA, expansion.

Learn more about Ejaro here.

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