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UAE-born car rental startup invygo closed a USD 8 mn Series A extension round, led by STV ’s newly established NICE Fund with participation from existing investors Al Rajhi Partners, Arab Bank Ventures, SPV, MEVP, and C5, according to a press release (pdf). The company expects to achieve profitability by the close of FY 2024.
The pitch: Co-founded in the UAE in 2019 by Eslam Hussein (Linkedin) and Pulkit Ganjoo (Linkedin), the Saudi headquartered company operates in Saudi Arabia, the UAE, and Qatar and allows users to pick, drive, swap, and attain ownership of cars through a subscription model. The startup has topped USD 100 mn in yearly gross merchandise value (GMV) and has raised upwards of USD 22 mn to date from regional and multinational investors.
