ⓘ Featured image: Urent co-founders, Greg Holt (L) and Omar Al Ashi
UAE-based Urent, a hybrid vehicle-sharing app has recently announced that it has raised seven-figure funding in its Pre-Series A funding round. The financials and investor details were not disclosed.
The company is planning to burn fresh capital in hiring new talent, marketing, development and deeper expansion across the UAE.
Founded in late 2018 by Omar Al Ashi and Greg Holt, Urent aims to digitize vehicle renting through its platform that enables commercial hosts to list their vehicles via its ‘My Garage’ section on the app, as well as set their own rules, limits, pricing, and availabilities of their fleets. On the other side, renters explore through a wide range of vehicles tied to hosts, with the option of interacting with vehicle owners via the app pre-booking, as well as getting vehicles booked and delivered to their doorstep with only two clicks.
According to a statement by the company, Al Ashi, CEO of Urent had to infuse capital in the company in his personal capacity in order survive through the pandemic crisis.
Speaking of the concept of Urent, Al Ashi in a statement said,
“As a new concept in the UAE, we are just beginning to show what our platform can do. Much like Airbnb, our model will usher in a new era of vehicle sharing where guests and hosts will share a wide range of personal vehicles. We will also target large established vehicle rental companies as a core part of our business model. We can help struggling rental companies, like Hertz, to revolutionize and digitize their business through Urent’s proprietary technology. Not only can we provide the technology but also access to a new global audience of consumers.”
Al Ashi added,
“The open communication between the hosts and guests as well as the two-way rating system is essential in helping to build trust on our platform. It is a proven method that we have now seen work with other large peer-sharing apps, and we are certainly leveraging that for our community. Safety and an exceptional experience are extremely important to us and our technical developments will continue to support those goals.”
Urent furtheron aims to expand its operations to Saudi Arabia in 2021. The startup’s vision is to become a marketplace for all vehicles to be listed by commercial hosts for rental purposes, without having to go through the tedious experience of looking everywhere for the vehicle they desire and the price that fits them best.