Money

Ejaro Closes a Pre-Series A Financing Round of $3.28Million

The investment will enhance the car rental startup development and expansion plans.

By Inc.Arabia Staff
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Ejaro, a car rental company in Saudi Arabia has announced today the completion of a Pre-Series A investment round totaling over 12.3 million Saudi Riyals, ($3,28 million) led by Tawuniya alongside other cooperative and angel investors.

The investment will enhance the car rental startup,  development, and expansion plans to strengthen its position in the peer-to-peer car rental field in the Middle East and North Africa markets.

In addition to providing peer-to-peer car-sharing services to enable individuals to generate additional income, Ejaro also offers customized insurance services and solutions to customers in collaboration with various insurance companies in the Kingdom.

The platform has so far facilitated over 25,000 days of trips and helped over 100 people earn more than 2.5 million Saudi Riyals ($666,649) in less than two years.

Ejaro is the first licensed peer-to-peer vehicle-sharing platform in the GCC.

Founded in Saudi Arabia, the platform connects local vehicle owners with individuals who are looking to rent vehicles at competitive prices.

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