By Gavin Gibbon
Successful Series B funding round raised $17.5m in June this year
Ekar, the Middle East’s first and largest carshare operator, is to expand into Saudi Arabia after the company’s successful Series B totaling $17.5 million in June this year.
Dubai-based venture capital firm Polymath Ventures led the round which includes Al Yemni Group and Audacia Capital.
Vilhelm Hedberg, CEO Ekar Middle East, said: “Today, Ekar UAE services 50,000 bookings per month, a number which we expect to quadruple over the next twelve months as we launch services across cities in Saudi Arabia and other Gulf countries. We have 1,000 Ekars in our fleet and over 75,000 members and envision surpassing 10,000 ekars and over a million members by 2021.”
Ekar is launching in Riyadh with 600 cars and will launch in other cities throughout Saudi including Dammam, Jeddah, Makkah, Medina, and King Abdullah Economic City.
“We believe smart systems and shared transport platforms like ekar are the future for sustainable mobility especially in cities with densely populated environments such as Riyadh,” said Ali Hashemi, managing director of Polymath Ventures.