invygo raises $1.9 million in pre-Series A round - Wamda
Summary
• car subscription platform invygo has raised $1.9 million in pre-Series A round from Signal Peak Ventures, JS Group, Wealth Well, Knollwood Investment Advisory, Saudi Arabia’s Dr Faisal Al Kadi, Khalid AlKhudairi, Ahmed Alola and other leading family offices in the kingdom. invygo’s wide network of partners allows consumers access to the world’s leading automobile brands from Toyota, Nissan and Ford to Range Rover, BMW, and Mercedes-Benz. He continued, “Car subscription services are reimagining the mobility sector in the Middle East as consumers desire a flexible automotive experience, zero financial risks and mitigate the impact of depreciation. By nurturing in-region technical talent, we are focused on building a world-class product that is shaped by a deep understanding of local market needs,” said Pulkit Ganjoo, co-founder and Director of Data Science at invygo. As 94 per cent of Saudi millennials consider gig economy roles, invygo will create new jobs and income streams for young professionals, while also contributing to the kingdom’s economic diversification strategy.