Invygo raises $1 million in seed funding
Dubai-based car subscription startup Invygo has raised $1 million in a seed round, the startup announced in a statement to MENAbytes. The round was led by Class 5 Global, a San Francisco-based VC firm co-founded by Careem’s former M&A boss Zach Finkelstein, with participation of Choueiri Group’s venture arm Equitrust, Gulf Islamic Investments, New York-based Karios K50, and William Zeqiri, the founder and CEO of Shedul. The startup that was part of Misk500’s inaugural cohort had raised its first funding round of $275,000 in November last year.
Founded last year by Eslam Hussein and Pulkit Ganjoo, Invygo that dubs itself as an alternative to owning or leasing a car allows users in the United Arab Emirates to get a car of their choice for a monthly subscription fee, through its mobile app. The cars offered by Invygo are dealership verified and come with full insurance, with Invygo handling routine maintenance including oil changes to routine inspections.
The users can request a car simply by choosing one, uploading their license, and signing the documents, all from the app, and the car is delivered at their doorstep within hours without any additional fee.
“With no debt, long-term commitment or hidden fees involved, customers pay monthly to drive the car and can even request servicing or return their car with the tap of a button whenever they need,” the startup said in a statement.
Invygo’s users also have the option of upgrading or switching their cars whenever they want.
According to its website, Invygo is offering a 2018 Kia Sportage for AED 2,200 per month. We don’t know the detailed specifications but a similar car can be purchased for less than AED 1,500 a month by paying 20 percent (which is the standard in UAE) as down payment.