invygo raises $10mln Series A round led by MEVP

invygo raises $10mln Series A round led by MEVP

- Regional and global roster of investors include Al Rajhi Partners, Arab Bank, Amana Capital and Palm Drive Capital

- Signal Peak Ventures and Knollwood Investment Advisory return as investors once again

- With over 4x growth YoY, invygo will enable access to mobility across KSA and UAE, disrupting the GCC auto industry which is set to grow to $46.13 billion

- invygo is now amongst the top funded mobility startups in the MENA region with plans to hire 100+ employees, over the next 12-18 months

Dubai: invygo, the Middle East’s car subscription pioneer, has announced a $10 million Series A funding led by MEVP. The round also included participation from leading financial institutions, including Al Rajhi Partners, Arab Bank and Amana Capital, Palm Drive Capital and existing global investors Signal Peak Ventures and Knollwood Investment Advisory.

The MENA region has one of the lowest global motorization rates because of the lack of financial inclusion. With high upfront costs and restrictive financing, a large part of the population in the region are limited from owning a vehicle. Invygo is on a mission to give access to cars to this underserved population, enabling them to fully live up to their potential but also unlocking economic opportunities