The startup will use the funds gained to expand to Saudi Arabia and Bahrain, among other markets.
Dubai-based transport-tech startup, Invygo, has raised $1 million in its seed round. The investment round was led by San-Francisco-based Class 5 Global, with participation from Equitrust, Gulf Islamic Investment, Kairos K50, and William Zegiri. The startup will be leveraging the funds to expand their regional footprint and launch their operations in Saudi Arabia and Bahrain among other GCC countries.
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 have the car delivered for free to their home within hours. With no debt, long-term commitment or hidden fees involved, customers pay monthly to drive the car and can even request servicing or return their car with the tap of a button whenever they need.
The company was founded by Eslam Hussein and Pulkit Ganjoo who both have extensive experience in the automotive industry, finance and machine learning. Working in the automotive sector, Eslam identified a major gap between today’s fast-paced consumer demands and the traditional, limited options offered in the market. With this insight, he began working on Invygo to eliminate the time-consuming process of obtaining cars. The focus was to make getting a car more customer-centric by giving consumers the ability to book a specific car, with the flexibility to change or upgrade as needed - all without owning a depreciating asset that hinders both the startups and the customers’ ability to enjoy and benefit from the service.
“We’re excited to receive significant funding which will allow us to push forward and expand the Invygo platform," says CEO and co-founder, Eslam Hussein. "Invygo provides a solution to a real problem and fills a gap in the automotive market. It takes the hassle out of the whole driving experience by offering quality, dealership-verified cars without the commitment of ownership, all through a seamless app-based experience. It’s a monthly payment that customers can pause, cancel or upgrade anytime."
Invygo aims to attract users who are looking for a high-quality customer experience and an alternative to the traditional car ownership and leasing options available in the market to bridge the gap in the transportation’s industry and cater to a differently capable target market.
“Today’s Middle Eastern, millennial wants the latest of everything in the shortest time possible, and we’re here to meet that demand in the automotive sector. Our business has grown from strength to strength in the eight months we’ve been operational. We’re excited to expand into new markets and provide customers with their ideal car experience with top-notch customer care.”
Invygo was incubated by in5 in April 2018 following their first $275,000 funding round in November 2018. Invygo then joined Misk500, one of the region’s biggest accelerator programmes which offers funding opportunities to promising businesses. The company has already served almost 1000 car subscriptions to date with seven renowned car brands. With 10 full-time employees, all of Invygo’s operations, including engineering and data science, are managed in-house.
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