Invygo, a Dubai and Riyadh-based car subscription start-up, has raised $1.9 million and plans to expand regionally and further build its technology platform.
Investors including Signal Peak Ventures, JS Group, Wealth Well and Knollwood Investment Advisory participated in the pre-series A growth funding round. Several family offices from Saudi Arabia were also part of the financing deal, the start-up said.
The latest funding has brought the total capital raised so far by Invygo to $4.2m.
Invygo has a phenomenal track record and has achieved consistent capital-efficient growth reflective of their leadership position
Salaal Hasan,
associate director for venture capital at JS Group
“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,” said Eslam Hussein, co-founder and chief executive of Invygo.
“By leveraging innovative technology, we are helping dealers and rental companies to monetise their inventory, while creating a generational shift in how people around the region access cars.”
The Covid-19 pandemic propelled the company’s business as people avoided public transport amid social distancing requirements and looked for cheaper options to use cars independently.
“Our focus is on continued expansion across multiple fronts … geography, partners and inventory,” said Mr Hussein.
“We will be expanding our presence in the UAE and Saudi Arabia over the coming months. As we welcome new dealers and rental companies on to the platform, we will grow the number of available cars, which currently stands at 40,000 units across 50 brands.”
The global car subscription market, which was valued at $3.6 billion in 2019, is projected to reach more than $12bn by 2027, at an annual growth rate of 23.1 per cent, according to research and advisory company Allied Market Research.
In Europe and the US, subscriptions will contribute between $30bn and $40bn by 2030, accounting for up to 15 per cent of total new car sales, according to Boston Consulting Group.
Founded in 2018, Invygo is present in Saudi Arabia and the UAE – the Arab world’s biggest economies. It is an app-based service that allows people to choose, drive and swap cars at the tap of a button.
Providing consumers with affordable and flexible access to cars, the company has partnered with several car distributors and rental companies including Enterprise, National Car Rental and Shift in the UAE and Saudi Arabia.
“Invygo has a phenomenal track record and has achieved consistent capital-efficient growth reflective of their leadership position,” said Salaal Hasan, associate director for venture capital at JS Group.
Invygo, which currently employs 25 people, aims to continue hiring as it expands across the region.
“The growth of our business means we are always looking for best-in-class talent,” said Pulkit Ganjoo, co-founder and director of data science at Invygo.
“Our product teams are accelerating the deployment of artificial intelligence and machine intelligence capabilities.
"By nurturing in-region technical talent, we are focused on building a world-class product that is shaped by a deep understanding of local market needs.”
Company profile
Name: Oulo.com
Founder: Kamal Nazha
Based: Dubai
Founded: 2020
Number of employees: 5
Sector: Technology
Funding: $450,000
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
What%20is%20Dungeons%20%26%20Dragons%3F%20
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UAE SQUAD
Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Shaiman Anwar, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Ahmed Raza, Sultan Ahmed, Imran Haider, Qadeer Ahmed, Chirag Suri , Zahoor Khan
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Read more about the coronavirus
COMPANY%20PROFILE
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UAE%20medallists%20at%20Asian%20Games%202023
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Ad Astra
Director: James Gray
Stars: Brad Pitt, Tommy Lee Jones
Five out of five stars
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
UK%20-%20UAE%20Trade
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War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
THREE
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Major honours
ARSENAL
BARCELONA
- La Liga - 2013
- Copa del Rey - 2012
- Fifa Club World Cup - 2011
CHELSEA
- Premier League - 2015, 2017
- FA Cup - 2018
- League Cup - 2015
SPAIN
- World Cup - 2010
- European Championship - 2008, 2012
Best Academy: Ajax and Benfica
Best Agent: Jorge Mendes
Best Club : Liverpool
Best Coach: Jurgen Klopp (Liverpool)
Best Goalkeeper: Alisson Becker
Best Men’s Player: Cristiano Ronaldo
Best Partnership of the Year Award by SportBusiness: Manchester City and SAP
Best Referee: Stephanie Frappart
Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)
Best Sporting Director: Andrea Berta (Atletico Madrid)
Best Women's Player: Lucy Bronze
Best Young Arab Player: Achraf Hakimi
Kooora – Best Arab Club: Al Hilal (Saudi Arabia)
Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)
Player Career Award: Miralem Pjanic and Ryan Giggs
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2A)
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UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
2019 ASIA CUP POTS
Pot 1
UAE, Iran, Australia, Japan, South Korea, Saudi Arabia
Pot 2
China, Syria, Uzbekistan, Iraq, Qatar, Thailand
Pot 3
Kyrgyzstan, Lebanon, Palestine, Oman, India, Vietnam
Pot 4
North Korea, Philippines, Bahrain, Jordan, Yemen, Turkmenistan
The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
UAE currency: the story behind the money in your pockets
