Middle East’s leading car subscription platform Invygo said it secured $8 million in its latest funding round of Series A extension.
The funding was provided by Saudi Arabia-based STV’s newly launched NICE Fund, as well as existing investors including Al Rajhi Partners, Arab Bank Ventures, SPV, MEVP, and C5, the company said.
The latest capital infusion comes at a time when the company is nearing profitability, which is expected by the end of FY 2024, Invygo said in a media release.
Eslam Hussein, co-founder and CEO of Invygo said the company is thrilled to welcome STV as a key partner in its journey.
“With the continued trust and support of our existing investors, we’re positioned to unlock new growth opportunities, while keeping profitability firmly within our sights,” he said.
“This round comes after 24 months without external capital, a testament to our commitment to building a financially sustainable business that is reshaping mobility,” he added.
Since its founding in 2019, Invygo has raised over $22 million from regional and global investors.
By challenging both car ownership and traditional funding models, Invygo continues to carve a unique path in the rapidly evolving mobility sector, with a special focus on expanding its ‘Subscribe to Own’ (STO) offering.
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