By Sam Bridge
Invygo, the first app-based car subscription company in the Middle East, says it has raised $1m in seed funding round
Invygo, a Dubai-based start-up and the first app-based car subscription company in the Middle East, has raised $1 million.
The company offers an alternative to owning or leasing a car where customers can choose a car, upload their licence and sign their documents all from within the app and have the car delivered for free to their home within hours.
With no debt, long-term commitment or hidden fees involved, customers pay monthly to drive the car and can even request servicing or return their car with the tap of a button whenever they need.
Invygo said the seed round was led by Class 5 Global, a San Francisco-based venture fund, and joined by Equitrust, Gulf Islamic Investment, Kairos K50, and William Zeqiri.
Invygo added that it will be investing the funds raised into upcoming expansion plans in Saudi Arabia, Bahrain and other GCC countries.
With 10 full-time employees, all of Invygo’s operations, including engineering and data science, are managed in-house.
The company was founded by Eslam Hussein and Pulkit Ganjoo whom are both IE Business School Alumni and have extensive experience in the automotive industry, finance and machine learning.
Hussein said: “We’re excited to receive significant funding which will allow us to push forward and expand the Invygo platform. Invygo provides a solution to a real problem and fills a gap in the automotive market.”
He added: “Today’s Middle Eastern, millennial wants the latest of everything in the shortest time possible, and we’re here to meet that demand in the automotive sector. Our business has grown from strength to strength in the eight months we’ve been operational. We’re excited to expand into new markets and provide customers with their ideal car experience with top-notch customer care.”