KSA-Based Invgo Secures US$8 Million Series A Extension
The investment has been provided by STV's newly launched NICE Fund.
KSA-headquartered mobility startup invgo has announced a US$8 million extension of its Series A funding round.
This investment comes from STV’s newly launched NICE Fund, which offers non-dilutive capital through an innovative equity-based structure and contributions from existing investors, including Al Rajhi Partners, Arab Bank Ventures, SPV, MEVP, and C5.
Founded in 2019 by Eslam Hussein and Pulkit Ganjoo, invygo allows users to choose, drive, swap, and eventually own cars through its app-based service, with operations in Saudi Arabia, the UAE, and Qatar.
Having surpassed $100 million in annualized gross merchandise value (GMV), the company is now aiming to achieve profitability by the end of 2024.
By focusing on achieving unit economics and maximizing customer lifetime value (LTV), invygo has seen growth driven by its "Subscribe to Own" (STO) model, particularly in Saudi Arabia, which provides an affordable route to car ownership.
In a statement about the investment, Eslam Hussein, co-founder and CEO of invygo, said, "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."
Ihsan Jawad, general partner at STV, added, "Saudi Arabia’s economic growth is 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."
In 2022, invgo pocketed $10 million in a series A round led by Middle East Venture Partners (MEVP), with participation from Al Rajhi Partners, AB Ventures and Amana Capital, Palm Drive Capital, as well as existing global investors Signal Peak Ventures and Knollwood Investment Advisory.
Since its inception, invygo has raised over $22 million from regional and global investors.
