Invygo, a Dubai and Riyadh-based car subscription start-up, has raised $1.9 million and plans to expand regionally and further build its technology platform.
Investors including Signal Peak Ventures, JS Group, Wealth Well and Knollwood Investment Advisory participated in the pre-series A growth funding round. Several family offices from Saudi Arabia were also part of the financing deal, the start-up said.
The latest funding has brought the total capital raised so far by Invygo to $4.2m.
Invygo has a phenomenal track record and has achieved consistent capital-efficient growth reflective of their leadership position
Salaal Hasan,
associate director for venture capital at JS Group
“As we continue to expand across the Middle East, we are excited to welcome investors who share our vision to unlock the potential of the rapidly growing car subscription sector,” said Eslam Hussein, co-founder and chief executive of Invygo.
“By leveraging innovative technology, we are helping dealers and rental companies to monetise their inventory, while creating a generational shift in how people around the region access cars.”
The Covid-19 pandemic propelled the company’s business as people avoided public transport amid social distancing requirements and looked for cheaper options to use cars independently.
“Our focus is on continued expansion across multiple fronts … geography, partners and inventory,” said Mr Hussein.
“We will be expanding our presence in the UAE and Saudi Arabia over the coming months. As we welcome new dealers and rental companies on to the platform, we will grow the number of available cars, which currently stands at 40,000 units across 50 brands.”
The global car subscription market, which was valued at $3.6 billion in 2019, is projected to reach more than $12bn by 2027, at an annual growth rate of 23.1 per cent, according to research and advisory company Allied Market Research.
In Europe and the US, subscriptions will contribute between $30bn and $40bn by 2030, accounting for up to 15 per cent of total new car sales, according to Boston Consulting Group.
Founded in 2018, Invygo is present in Saudi Arabia and the UAE – the Arab world’s biggest economies. It is an app-based service that allows people to choose, drive and swap cars at the tap of a button.
Providing consumers with affordable and flexible access to cars, the company has partnered with several car distributors and rental companies including Enterprise, National Car Rental and Shift in the UAE and Saudi Arabia.
“Invygo has a phenomenal track record and has achieved consistent capital-efficient growth reflective of their leadership position,” said Salaal Hasan, associate director for venture capital at JS Group.
Invygo, which currently employs 25 people, aims to continue hiring as it expands across the region.
“The growth of our business means we are always looking for best-in-class talent,” said Pulkit Ganjoo, co-founder and director of data science at Invygo.
“Our product teams are accelerating the deployment of artificial intelligence and machine intelligence capabilities.
"By nurturing in-region technical talent, we are focused on building a world-class product that is shaped by a deep understanding of local market needs.”
Iraq negotiating over Iran sanctions impact
- US sanctions on Iran’s energy industry and exports took effect on Monday, November 5.
- Washington issued formal waivers to eight buyers of Iranian oil, allowing them to continue limited imports. Iraq did not receive a waiver.
- Iraq’s government is cooperating with the US to contain Iranian influence in the country, and increased Iraqi oil production is helping to make up for Iranian crude that sanctions are blocking from markets, US officials say.
- Iraq, the second-biggest producer in the Organization of Petroleum Exporting Countries, pumped last month at a record 4.78 million barrels a day, former Oil Minister Jabbar Al-Luaibi said on Oct. 20. Iraq exported 3.83 million barrels a day last month, according to tanker tracking and data from port agents.
- Iraq has been working to restore production at its northern Kirkuk oil field. Kirkuk could add 200,000 barrels a day of oil to Iraq’s total output, Hook said.
- The country stopped trucking Kirkuk oil to Iran about three weeks ago, in line with U.S. sanctions, according to four people with knowledge of the matter who asked not to be identified because they aren’t allowed to speak to media.
- Oil exports from Iran, OPEC’s third-largest supplier, have slumped since President Donald Trump announced in May that he’d reimpose sanctions. Iran shipped about 1.76 million barrels a day in October out of 3.42 million in total production, data compiled by Bloomberg show.
- Benchmark Brent crude fell 47 cents to $72.70 a barrel in London trading at 7:26 a.m. local time. U.S. West Texas Intermediate was 25 cents lower at $62.85 a barrel in New York. WTI held near the lowest level in seven months as concerns of a tightening market eased after the U.S. granted its waivers to buyers of Iranian crude.
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A Kensington Palace Gardens house with 15 bedrooms is valued at more than £150 million.
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Electric scooters: some rules to remember
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Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
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