Invygo an UAE-based car subscription platform in a Pre-Series A round funding has raised $1 million from 500 Startups, EQ2 Ventures and Class 5 Global.
This funding comes in less than six months after the startup raised $1 million in a seed round, taking the total amount of money raised by them to over $2 million.
Established in 2018 by Eslam Hussein and Pulkit Ganjoo and headquartered in Dubai, Invygo claims to “take the hassle out of getting a car”. As the first of its kind car-subscription app in the region the app allows customer to pay for a car on monthly basis and return or upgrade whenever the customer want to without penalties.
Eslam Hussein, the co-founder and CEO of Invygo, stating on the occasion, said, “We are incredibly pleased to see further confidence from our investors with this latest funding round especially in the current climate. Our teams have received ongoing feedback from our customers stating they have seen real value of the subscription model, over owning a car.
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”. he also added that “We’re happy that our business model has been able to help people at this time, who otherwise would have been tied into monthly loan payments even though their life circumstances had changed,”