Saudi-Based Mobility Startup invygo Raises $8 Million Series A

Saudi Arabia-based mobility startup invygo has raised an $8 million Series A extension, with funding from STV’s new NICE Fund and existing investors like Al Rajhi Partners and Arab Bank Ventures.

Founded in the UAE in 2019 by Pulkit Ganjoo and Eslam Hussein, invygo offers an app-based service that allows users to choose, drive, swap, and own cars, and is currently operating in Saudi Arabia, the UAE, and Qatar. This latest funding brings invygo’s total raised to over $22 million. The company is approaching profitability, expected by the end of FY 2024. invygo’s growth has also grown by its ‘Subscribe to Own’ model, which is particularly popular in Saudi Arabia, where it provides a more accessible path to car ownership.

“With invygo, access to mobility and car ownership has been simplified, similar to how music, movies and more have reached new audiences through subscriptions,” co-founder Pulkit Ganjoo tells StartupScene.

The recent funding round comes after two years without external capital, highlighting their focus on unit economics and customer experience.