UAE-Based Car Rental Service Udrive Raises $1.3 Million in 48 Hours via Crowdfunding
Coming via equity crowdfunding platform, Eureeca, the funds come as part of Udrive’s ongoing Series A round.
While we’ve seen more and more startups across MENA look to fundraising in recent times, few will have hit the jackpot quite like Udrive. The UAE-based car rental platform has revealed that it raised a whopping $1.3 million in less than 48 hours.
The fundraise came via global equity crowdfunding platform Eureeca, where Udrive caught the attention of 186 investors in total. Founded in 2017 by Sam Quawasmi and Hasib Khan, Udrive cars as a vehicle sharing operator and boasts over 180,000 registered users across Dubai, Abu Dhabi, Sharjah and Ajman.
Recently reaching the milestone of completing its millionth trip, the startup claims that users have increased by 20% in the last six months, while their projections predict that user growth will double in 2021. It’s for this reason that the startup intends to channel part of the $1.3 million into growing its fleet of cars in the UAE. That’s just step one of what could shape up to be a critical year for Udrive, with expansion to Saudi Arabia and Turkey on the cards.
