Invygo, a car subscription platform, has announced the raising of $8 million in a Series A extension by STV, with participation from AlRajhi Partners, AB Ventures, SPV, MEVP, and C5.

Why it Matters? Invygo is expected to be profitable by the end of the year.

More to Know:

• Invygo was founded in 2019 by Eslam Hussein and Pulkit Ganjoo in the UAE and then moved its headquarters to Saudi Arabia.
• The company provides car rental solutions through subscriptions; the most prominent of which is the subscribe to Own model, particularly in Saudi Arabia..
• The investment came through the NICE model recently developed by STV.
• The company’s Series A round reached $18 million, having raised $10 million in 2022.
• Since its inception, Invygo has raised over $22 million.

Related Comments:

• Eslam Hussein, co-founder and CEO of Invygo, said: “We are thrilled to welcome STV as a key partner in our 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. This round comes after 24 months without external capital, a testament to our commitment to building a financially sustainable business that is reshaping mobility. Our focus remains on driving meaningful impact in customer experience and the broader global mobility landscape from the Middle East”.
• Ihsan Jawad, General Partner at STV, said: “We are excited to back Invygo as one of our early deals in STV’s newly launched NICE Fund. Saudi Arabia’s economic growth is being driven by rapid technological adoption, and Invygo is leading the charge in redefining access to mobility. Invygo’s ‘Subscribe to Own’ model has uniquely empowered individuals across Saudi Arabia, providing a seamless and accessible path to vehicle ownership through their mobile devices. We are excited to support Invygo as they scale further”.
• Pulkit Ganjoo, co-founder and Chief Data Officer at Invygo, added: “We’ve seen firsthand how empowering access to mobility can be. With invygo access to mobility and car ownership has been simplified similar to how music, movies and more have reached new audiences through subscriptions. By using data to understand supply, pricing dynamics, and customer preferences, we’ve built a product ecosystem that scales efficiently, ensuring optimal vehicle utilisation and supporting our strong unit economics as we move toward profitability”.