invygo raises US$ 1.9 million to accelerate leadership in car subscription across KSA and UAE
invygo, offering car subscription services, has raised US$ 1.9 million to 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. With over US$ 4.2 million raised till date and 5x growth since April 2020, the continued interest of international and regional investors validates invygo’s business model, while forging the foundations for its next stage of growth.
invygo pioneered the Middle East’s car subscription ecosystem, providing consumers with affordable and flexible access to cars, through partnership with leading automotive distributors and rental companies. Its wide network of partners allows consumers access to the world’s leading automobile brands in UAE and Saudi Arabia.
To bolster its presence in the Kingdom, CEO, Eslam Hussein, has relocated to Riyadh full-time to work closely with partners there.
“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 monetise their inventory, while creating a generational shift in how people around the region access cars,” said Eslam Hussein, co-founder and CEO of invygo.
invygo will also strengthen efforts to support Saudi Arabia’s gig economy through its partnership with Careem, providing Saudi nationals with affordable and unlimited mileage access to over 100 cars across five models. As 94 percent of Saudi millennials consider gig economy roles, invygo will create new jobs and income streams for young professionals, while also contributing to the Kingdom’s economic diversification strategy.
Hussein continued, “Car subscription services are reimagining the mobility sector in the Middle East as consumers desire a flexible automotive experience, zero financial risk 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.”
The global car subscription market is expected to grow to $12 bn by 2027 with subscriptions contributing to 15 percent of all new car sales in the US and Europe by 2030. Subscription services are set to grow the MENA region’s low motorization rate, where access to cars is traditionally limited due to high down-payments, restrictive financing options, and a high cost of ownership.
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.