Invygo, the automotive subscription platform operating in the Middle East, has successfully secured $8 million in a Series A extension to advance its unique “Subscribe to Own” (STO) model. This funding round was spearheaded by STV’s NICE Fund, reflecting the company’s dedication to making car ownership more accessible and sustainable throughout the region.
Founded in 2019, Invygo primarily serves customers in Saudi Arabia, the UAE, and Qatar. The platform offers an app-based service that allows users to easily select, drive, swap, and eventually own vehicles with just a few taps. This user-centric approach aims to revolutionize the traditional car ownership experience by providing customers with flexibility, transparency, and affordability.
Since its establishment, Invygo has raised over $22 million from a diverse array of regional and global investors. The recent Series A extension, completed in June 2024, highlights the company’s commitment to creating financially sustainable operations while challenging conventional car ownership models.
Eslam Hussein, co-founder and CEO of Invygo, expressed his excitement about the new partnership with STV, emphasizing the strong backing from existing investors. He noted that this funding round comes after a two-year hiatus from external financing, underscoring the company’s focus on building a robust and sustainable business model.
