Dubai-based car subscription startup Invygo raises $1mln

Invygo, a Dubai-based startup and app-based car subscription service, has raised $1 million in funding to grow its business further by investing in technology and expanding into new customer segments.

The investment is part of the Series A funding round led by EQ2 ventures, Class 5 Global, and 500 Startups.

Invygo also announced previously in November that it had raised $1 million in a seed round. Since then, the company said that it has grown substantially by tripling the customer number base and increasing its dealership partners from two to seven.

As part of the investment, Invygo is planning a regional roll out programme with expansion into Saudi Arabia.

“With many people working from home and spending less time driving to and from work, our customers have been able to easily pause their subscription, swap to a less expensive car, or save money by choosing a lower mileage option,” Eslam Hussein, CEO and Co-Founder at Invygo said.

Since the outbreak of the coronavirus started earlier in 2020, more people are isolating themselves at home and using their cars less.