- Saudi Arabia-based P2P car rental platform Ejaro, has raised $3.28 million in a pre-Series A investment round, led by cooperative and angel investors.
- Founded in 2019 by Mohammed Khashoggi, Ejaro provides P2P car-sharing services to enable individuals to generate additional income.
- The investment will be used to enhance Ejaro’s development and expansion plans to strengthen its position in the car rental field in Mena.
Ejaro, the licenced peer-to-peer car rental company in Saudi Arabia since 2019, announced today the completion of a Pre-Series A investment round totaling over 12.3 million Saudi Riyals, led by Cooperative and angel investors.
The company commented on this round, stating that it represents a significant milestone and achievement coinciding with a series of strategic developments and the launch of innovative products, reflecting its commitment to revolutionising the car rental sector in Saudi Arabia.
The investment will be used to enhance its development and expansion plans to strengthen its position in the peer-to-peer car rental field at the Middle East and North Africa level.
In this regard, Mohammed Khashoggi, Founder and CEO of Ejaro, said: “Completing this funding round alongside our strategic partnerships reflects our commitment to innovation and meeting the needs of our customers.
We are not only working to change the concept of car sharing in the Kingdom but also striving to be leaders in the insurance sector through cooperation with Cooperative, Najm, and Absher, a pivotal step towards supporting economic growth and innovation in line with Saudi Vision 2030.”
Fahad bin Maamar, CEO of Investments at Cooperative, confirmed their belief in Ejaro’s innovative approach in the car-sharing market, considering it a key partner in transforming the mobility landscape in the Gulf Cooperation Council (GCC) region.
He added, “This partnership aims to redefine the future of transportation and achieve Saudi Vision 2030.”
In addition to providing peer-to-peer car-sharing services to enable individuals to generate additional income, Ejaro also offers customised insurance services and solutions to customers in collaboration with a variety of insurance companies in the Kingdom.
The platform indicated that it facilitated over 25,000 days of trips, reflecting the increasing demand and acceptance of its service, and helped over 100 hosts earn more than 2.5 million Saudi Riyals in less than two years.