Dubai-based startup Invygo raises $1 million USD in funding in its Pre-Series A round
Invygo has raised $1 million USD in a Pre-Series A funding round led by EQ2 Ventures, Class 5 Global, and 500 Startups. This news comes almost one year after they raised their Seed round in September 2019.
An overview of Invygo's recent funding insights:
Sep 2019 - $1M, SEED, EQ2 Ventures, Kairos, Gulf Islamic Investments, Class 5 Global
Mar 2019 - $275K, Pre-SEED, 500 Startups, Misk 500 MENA Accelerator
• Their latest funding round in 2019 was led by Class 5 Global where they also secured $1 million USD in its Seed round.
• They now have 12 car brands on the platform offering greater choice for customers and aim to use the funds to invest in technology and expand into new customer segments.
Discover more about Invygo on their MAGNiTT profile.
Read the full press release below:
Invygo has raised $1 million USD in funding, as it looks to accelerate its expansion plans across the Middle East.
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.
This investment is part of the Pre-Series A funding round led by EQ2 ventures, Class 5 Global, and 500 Startups, who are confident that Invygo has cornered the market by providing customers with greater flexibility in terms of finance options, choice in vehicles and excellent customer service model.
The news follows the latest funding injection from Q4 2019, and since then Invygo has grown substantially by tripling the customer number base, increasing its dealership partners from two to seven. Furthermore, it now has 12 car brands on the platform offering greater choice for customers.
CEO and Co-Founder Eslam Hussein commented: “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, adds “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 is the first app-based car subscription company in the MENA region, offering an alternative to owning or leasing a car.
Customers can choose a car, upload their license and sign their documents all from within the app and have the car delivered for free to their home within hours.
With a monthly subscription service, no long-term commitment or hidden fees involved, customers can request servicing or return their car with the tap of a button whenever they need it.
This flexible car-sharing alternative aims to attract users who are looking for a high-quality customer experience and an alternative to the traditional car ownership and leasing options available in the market.
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With Mawdoo3, Jamalon, and HyperPay raising a combined $33M in total funding in 2019, it was a record year by funding for the Jordanian startup ecosystem. Learn more about one of MENA's oldest ecosystems in our 2019 Jordan Venture Investment Report.