{"id":35010,"date":"2024-10-23T11:27:46","date_gmt":"2024-10-23T08:27:46","guid":{"rendered":"https:\/\/entarabi.com\/?p=35010"},"modified":"2024-10-23T11:27:46","modified_gmt":"2024-10-23T08:27:46","slug":"invygo-secures-8-million-from-stv-and-existing-investors-as-car-subscription-pioneer-nears-profitability","status":"publish","type":"post","link":"https:\/\/entarabi.com\/en\/2024\/10\/invygo-secures-8-million-from-stv-and-existing-investors-as-car-subscription-pioneer-nears-profitability\/","title":{"rendered":"invygo secures $8 million from STV and existing investors as car subscription pioneer nears profitability"},"content":{"rendered":"<ul style=\"font-weight: 400;\">\n<li dir=\"ltr\">Existing investors Al Rajhi Partners, Arab Bank Ventures, SPV, MEVP, and C5 double down on invygo with additional investments<\/li>\n<li dir=\"ltr\">Achievement of $100 million GMV run-rate milestone underpins growth for the region\u2019s car subscription pioneer, with profitability targeted for the end of FY 2024<\/li>\n<li dir=\"ltr\">Demand for invygo\u2019s offerings, including \u201csubscribe to own\u201d in KSA, drives overall growth and strong unit economics<\/li>\n<\/ul>\n<p dir=\"ltr\" style=\"font-weight: 400;\">\n<p dir=\"ltr\" style=\"font-weight: 400;\"><strong>Dubai, UAE; Riyadh, KSA, October 23, 2024:\u00a0<\/strong><a href=\"http:\/\/www.invygo.com\/\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=http:\/\/www.invygo.com\/&amp;source=gmail&amp;ust=1729756299558000&amp;usg=AOvVaw3PrM_UwvKtYgWXS0Ox77KH\" rel=\"nofollow noopener\" target=\"_blank\">invygo<\/a>\u00a0(<a href=\"http:\/\/www.invygo.com\/\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=http:\/\/www.invygo.com\/&amp;source=gmail&amp;ust=1729756299558000&amp;usg=AOvVaw3PrM_UwvKtYgWXS0Ox77KH\" rel=\"nofollow noopener\" target=\"_blank\">www.invygo.com<\/a>), the Middle East\u2019s leading car subscription platform, today announced its latest funding round in the form of a $8 million Series A extension. The funding was provided by STV\u2019s newly launched NICE Fund, which provides non-dilutive capital through a novel equity-based structure, as well as existing investors including Al Rajhi Partners, Arab Bank Ventures, SPV, MEVP, and C5.<\/p>\n<p dir=\"ltr\" style=\"font-weight: 400;\">With invygo surpassing a $100 million in annualised GMV, the company has strategically focused on achieving industry-leading unit economics and maximising customer lifetime value (LTV). Growth has been driven largely by the success of its innovative and pioneering\u00a0<strong>&#8220;Subscribe to Own&#8221; (STO) model<\/strong>, particularly in Saudi Arabia. The company is now nearing profitability, which is expected by the end of FY 2024.<\/p>\n<p dir=\"ltr\" style=\"font-weight: 400;\"><strong>Eslam Hussein, co-founder and CEO of invygo, said:\u00a0<\/strong>&#8220;We are thrilled to welcome STV as a key partner in our journey. With the continued trust and support of our existing investors, we\u2019re positioned to unlock new growth opportunities while keeping profitability firmly within our sights. 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.&#8221;<\/p>\n<p dir=\"ltr\" style=\"font-weight: 400;\">By challenging both car ownership and traditional funding models, invygo continues to carve a unique path in the rapidly evolving mobility sector, with a special focus on expanding its &#8220;Subscribe to Own&#8221; (STO) offering.<\/p>\n<p dir=\"ltr\" style=\"font-weight: 400;\"><strong>Ihsan Jawad, General Partner at STV, said:\u00a0<\/strong>&#8220;We are excited to back invygo as one of our<\/p>\n<p dir=\"ltr\" style=\"font-weight: 400;\">early deals in STV\u2019s newly launched NICE Fund. Saudi Arabia\u2019s economic growth is being driven by rapid technological adoption, and invygo is leading the charge in redefining access to mobility. invygo\u2019s &#8216;Subscribe to Own&#8217; 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.&#8221;<\/p>\n<p dir=\"ltr\" style=\"font-weight: 400;\">invygo\u2019s STO model has accelerated the company\u2019s growth, especially in Saudi Arabia, where securing financing for car ownership has historically been a challenge. With Subscribe to Own, Saudi nationals and residents now have a clear, affordable route to mobility, with many using car access to unlock new opportunities.<\/p>\n<p dir=\"ltr\" style=\"font-weight: 400;\"><strong>Pulkit Ganjoo, co-founder and Chief Data Officer at invygo, added:<\/strong><\/p>\n<p dir=\"ltr\" style=\"font-weight: 400;\">&#8220;We\u2019ve seen firsthand how empowering access to mobility can be. With invygo access to mobility and car ownership has been simplified similar to how music, movies and more have reached new audiences through subscriptions. By using data to understand supply, pricing dynamics, and customer preferences, we\u2019ve built a product ecosystem that scales efficiently, ensuring optimal vehicle utilisation and supporting our strong unit economics as we move toward profitability.&#8221;<\/p>\n<p dir=\"ltr\" style=\"font-weight: 400;\">Since its founding in 2019, invygo has raised over $22 million from regional and global investors. invygo\u2019s Series A extension closed in June 2024. The company remains focused on building financially sustainable operations, underpinned by industry-leading unit economics and an innovative approach to car ownership.<\/p>\n<p dir=\"ltr\" style=\"font-weight: 400;\"><strong>About invygo:<\/strong><\/p>\n<p dir=\"ltr\" style=\"font-weight: 400;\">Founded in 2019, invygo is the Middle East\u2019s first and largest automotive subscription service. Available in KSA, UAE, and Qatar, invygo\u2019s app-based service allows people to choose, drive, swap, and own cars at the tap of a button. For more information, visit\u00a0<a href=\"http:\/\/www.invygo.com\/\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=http:\/\/www.invygo.com\/&amp;source=gmail&amp;ust=1729756299558000&amp;usg=AOvVaw3PrM_UwvKtYgWXS0Ox77KH\" rel=\"nofollow noopener\" target=\"_blank\">www.invygo.com<\/a>.<\/p>\n<p dir=\"ltr\" style=\"font-weight: 400;\">\n","protected":false},"excerpt":{"rendered":"<p>Existing investors Al Rajhi Partners, Arab Bank Ventures, SPV, MEVP, and C5 double down on invygo with additional investments Achievement of $100 million GMV run-rate milestone underpins growth for the region\u2019s car subscription pioneer, with profitability targeted for the end of FY 2024 Demand for invygo\u2019s offerings, including \u201csubscribe to own\u201d in KSA, drives overall [&hellip;]<\/p>\n","protected":false},"author":37,"featured_media":35011,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"post_subtitle":"","footnotes":""},"categories":[1810],"tags":[6061],"class_list":["post-35010","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech","tag-invygo"],"_links":{"self":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/posts\/35010","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/users\/37"}],"replies":[{"embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/comments?post=35010"}],"version-history":[{"count":0,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/posts\/35010\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/media\/35011"}],"wp:attachment":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/media?parent=35010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/categories?post=35010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/tags?post=35010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}