Invygo today announced that it has raised $1.9 million (SAR7.12 million) from new and existing investors. The pre-Series A round included participation from Signal Peak Ventures, JS Group, Wealth Well and once again from Knollwood Investment Advisory. This round also had participation from Saudi Arabia’s Dr. Faisal Al Kadi, Khalid AlKhudairi, Ahmed Alola and other leading family offices in the Kingdom.
“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. By leveraging innovative technology, Invygo is helping dealers and rental companies to monetize their inventory while creating a generational shift in how people around the region access cars,” said Eslam Hussein, co-founder and CEO of Invygo.
He continued, “Car subscription services are reimagining the mobility sector in the Middle East as consumers desire a flexible automotive experience, zero financial risks and mitigate the impact of depreciation. As we expand our presence across the UAE and Saudi Arabia, customers will not only have a choice of vehicles but also change cars as they require.”
Buoyed by resurgent economies, automotive subscription services in the UAE and KSA continue to see high demand, as traditional ownership models face a decline. Enabled by world-class technology, Invygo’s platform provides customers with access to 50 brands and 40,000 cars that are delivered at their doorstep.
Invygo will build new partnerships with dealers, and car rental companies, while also expanding its engineering talent, to enable the development of future-centric skills amongst the region’s engineers.
Invygo will also invest in realizing its vision to transform the automotive industry in Saudi Arabia, the region’s largest economy. To bolster its presence in the kingdom, CEO Eslam Hussein has relocated to Riyadh full-time to work closely with partners there.
The Invygo application is available for download on the Android and iOS app stores.
