UAE-based vehicle-sharing and car rental app Urent, has raised a seven-figure pre-series A funding round from an undisclosed serial entrepreneur to accelerate growth and expand into other markets.
Founded in 2018, Urent now enables commercial hosts to list their vehicles via the "My Garage" section on the app, as well as set their own rules, limits, pricing and availabilities of their fleets. Renters will then enjoy navigating via a wide range of vehicles tied to hosts, with the option of interacting with vehicle owners via the app pre-booking, as well as getting vehicles booked and delivered to their doorstep.
The company will use the funds to hire new talent and boost its marketing efforts in the UAE. It also plans to expand into Saudi Arabia in 2021.
“As a new concept in the UAE, we are just beginning to show what our platform can do. Much like Airbnb, our model will usher in a new era of vehicle sharing where guests and hosts will share a wide range of personal vehicles. We will also target large established vehicle rental companies as a core part of our business model,” said Omar Al Ashi, founder of Urent. “We can help struggling rental companies, like Hertz, to revolutionise and digitise their business through Urent’s proprietary technology. Not only can we provide the technology but also access to a new global audience of consumers.”