invygo pursues profitability after raising $8 million Series A extension

invygo pursues profitability after raising $8 million Series A extension

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• 23 October, 2024

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• Saudi Arabia-headquartered mobility startup invygo has raised an $8 million Series A extension provided by STV’s newly launched NICE Fund, as well as existing investors including Al Rajhi Partners, Arab Bank Ventures, SPV, MEVP, and C5.
• invygo, founded in the UAE in 2019 by Eslam Hussein and Pulkit Ganjoo, is an app-based service that allows people to choose, drive, swap, and own cars with presence in KSA, UAE, and Qatar.
• To date, invygo has raised over $22 million from regional and global investors.
•  The company is now nearing profitability, which is expected by the end of FY 2024.

Press release:

invygo, the Middle East’s leading car subscription platform, today announced its latest funding round in the form of an $8 million Series A extension. The funding was provided by STV’s newly launched NICE Fund, which provides non-dilutive capital through a novel equity-based structure, as well as existing investors including Al Rajhi Partners, Arab Bank Ventures, SPV, MEVP, and C5.

With invygo surpassing $100 million in annualised GMV, the company has strategically focused on achieving industry-leading unit economics and maximising customer lifetime value (LTV). Growth has been driven largely by the success of its innovative and pioneering “Subscribe to Own” (STO) model, particularly in Saudi Arabia. The company is now nearing profitability, which is expected by the end of FY 2024.

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.”

By challenging both car ownership and traditional funding models, invygo continues to carve a unique path in the rapidly evolving mobility sector, with a special focus on expanding its “Subscribe to Own” (STO) offering.

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.”

invygo’s STO model has accelerated the company’s growth, especially in Saudi Arabia, where securing financing for car ownership has historically been a challenge. With Subscribe to Own, Saudi nationals and residents now have a clear, affordable route to mobility, with many using car access to unlock new opportunities.

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 towards profitability.”

Since its founding in 2019, invygo has raised over $22 million from regional and global investors. invygo’s Series A extension closed in June 2024. The company remains focused on building financially sustainable operations, underpinned by industry-leading unit economics and an innovative approach to car ownership.