October 23, 2024 – Middle East: invygo, the region’s leading car subscription platform, today announced the successful closure of an $8 million Series A extension. The funding was spearheaded by STV’s newly launched NICE Fund, which offers non-dilutive capital through an innovative equity-based structure, with participation from existing investors including Al Rajhi Partners, Arab Bank Ventures, SPV, MEVP, and C5.
With this new round, invygo has surpassed $100 million in annualized Gross Merchandise Value (GMV), positioning the company closer to profitability, expected by the end of FY 2024. The platform has achieved remarkable growth through its industry-first “Subscribe to Own” (STO) model, particularly in Saudi Arabia, where it has been instrumental in overcoming traditional car ownership challenges.
Eslam Hussein, co-founder and CEO of invygo, expressed excitement about the strategic partnership with STV. “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.”
invygo’s STO model has been a game-changer, providing an accessible and affordable path to car ownership in Saudi Arabia, where securing financing has historically been a hurdle. By offering a subscription-based option to own vehicles, invygo has empowered both Saudi nationals and residents, enabling access to new opportunities through enhanced mobility.
Ihsan Jawad, General Partner at STV, lauded invygo’s innovative approach, stating, “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.”
Since its founding in 2019, invygo has raised over $22 million from both regional and global investors, and the recent funding round closed in June 2024. The company remains laser-focused on building financially sustainable operations, driven by strong unit economics and a data-driven approach that optimizes vehicle utilization and pricing dynamics.
Pulkit Ganjoo, co-founder and Chief Data Officer at invygo, highlighted the role of data in scaling the company’s operations: “We’ve seen firsthand how empowering access to mobility can be. With invygo, access to mobility and car ownership has been simplified, much like how subscriptions have revolutionized industries like music and entertainment. By leveraging data to understand supply, pricing, and customer preferences, we’ve built a product ecosystem that ensures optimal vehicle utilization and supports our strong unit economics as we move towards profitability.”
With its unique value proposition and continued support from key investors, invygo is set to play a pivotal role in reshaping the mobility landscape across the Middle East.
