UAE-Based Car Subscription Platform invygo Raises $10 Million Series A

invygo, a UAE-based car subscription service provider, has raised $10 million in a Series A round led by MEVP with participation from Al Rajhi Partners, Arab Bank, Amana Capital, Palm Drive Capital, as well as existing investors including Signal Peak Ventures and Knollwood Investment Advisory.

Founded in 2019 by Eslam Ahmed Hussein and Pulkit Ganjoo, invygo is a car subscription platform that provides alternative paths to car ownership. It does this by partnering with dealers in the UAE and Saudi Arabia - two of the Arab world’s biggest economies - to enable customers to access a wide range of vehicles directly from the app. 

“invygo’s vision is to enable financial inclusion at scale by creating access to mobility for millions of people in the MENA region,” Eslam Hussein, co-founder and CEO of invygo, tells StartupScene. “Car subscription with invygo provides customers with unparalleled convenience and financial flexibility. Since our launch, invygo has achieved leadership in the car subscription category, with 4x average growth annually. Today, we are excited to welcome world-class investors on board as we strengthen our leadership position in KSA and the UAE, along with plans for regional expansion. We offer investors a financially sustainable model which is fit for the current macroeconomic environment, and builds confidence in our business.”

The new investments will be used to expand the company’s operations in new markets with low vehicle penetration rates, increase its presence in UAE and KSA, and further invest in its technology.

This latest round of funding brings total investments raised by Invygo to $14.6 million to date.

The global car subscription market is projected to reach more than $12 billion by 2027 at an annual growth rate of 23.1%, up from $3.6bn in 2019, according to data by Allied Market Research. The Middle East is jumping on this trend with startups like Udrive raising $5 million in funding; and Carasti raising $2 million in a bridge round this year.