ⓘ Featured image: Invygo co-founders Eslam Hussein (L) and Pulkit Ganjoo (R); Credits: The National
Dubai, UAE-based Invygo, a car-rental startup on Tuesday (12 May) raised $1 million in a Pre-Series A round led by EQ2 Ventures, Class 5 Global and 500 Startups. The fresh funds will be utilised to expand across the Middle East.
Invygo last raised $1 million in its seed round led by Class 5 Global back in November 2019.
The Dubai based startup and app-based car subscription service plans to use the funds to grow the business further by invest in technology and expanding into new customer segments.
Commenting on the investment round, Eslam Hussein, CEO & Co-Founder of Invygo in a statement said,
“We are incredibly pleased to see further confidence from our investors with this latest funding round especially in the current climate. Our teams have received ongoing feedback from our customers stating they have seen real value of the subscription model, over owning a car. With many people working from home and spending less time driving to and from work, our customers have been able to easily pause their subscription, swap to a less expensive car, or save money by choosing a lower mileage option. We’re happy that our business model has been able to help people at this time, who otherwise would have been tied into monthly loan payments even though their life circumstances had changed.”
Patrick Thiriet, CEO of Equitrust affirming confidence in Invygo said,
“The Coronavirus crisis has now affected almost every part of our world; for many years to come, it will change the way we all move and commute. Invygo’s value proposition looks even more relevant in this post-COVID-19 world, with consumers still expecting to drive a car of their choice, but without the visibility to commit for 3 or 5 years. Eslam and Pulkit are gathering an A-star team to solve this issue, and can scale their tech platform across numerous markets where consumers are facing frictions to traditional car ownership. We look forward to continue helping them in this journey.”
Invygo was founded in 2018 by Eslam Hussein and Pulkit Ganjoo to bridge the gap between today’s fast-paced consumer demands and the traditional, time-consuming and limited options available in the market. 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.