Invygo, a pioneer in the Middle East car subscription business, has announced the close of a $10 million Series A round to improve its technology and expand across the Middle East.
- Invygo offers an automotive subscription service, allowing people to choose, drive and swap cars through its app.
- The Middle East-based startup, founded by Eslam Ahmed Hussein and Pulkit Ganjoo in 2019, has raised a total of $14.3 million to date.
- With the GCC’s total automotive market set to reach $46.13 billion in sales by 2026, Invygo says it will continue to disrupt different sub-segments across the automotive ecosystem and unlock opportunities for the entire industry.
- With this investment, Invygo will double deepen its presence in the Middle East region and expand to new regional markets that have low vehicle penetration rates.
- It will also invest in its technology, with an updated product design already underway.
- In the coming months, the startup plans to grow its business by 5x, and expand its partnership network with automotive brands and dealers, while ensuring customers benefit from mobility access at the tap of a button.
- The funding round was led by MEVP with participation from Al Rajhi Partners, Arab Bank and Amana Capital, Palm Drive Capital, amongst others.