P2P car rental platform Ejaro raised $3.28 M in Pre-Series A funding round
The Pre-Series A funding round, which raised over 12.3 million Saudi Riyals and was led by cooperative and angel investors, was completed today, according to Ejaro, the peer-to-peer car rental company licensed to operate in Saudi Arabia since 2019.
In response to inquiries about this round, the company said that it marks a noteworthy turning point and accomplishment that fits in with a number of strategic advancements and the introduction of cutting-edge products, demonstrating its dedication to completely transform the Saudi Arabian vehicle rental market.
The funds will be utilized to advance its growth and expansion objectives in order to fortify its standing in the Middle East and North Africa peer-to-peer vehicle rental market.
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.”
The CEO of Cooperative’s investments, Fahad bin Maamar, reaffirmed the company’s faith in Ejaro’s creative strategy in the car-sharing industry and acknowledged that it is a crucial collaborator in revolutionizing the mobility environment in the Gulf Cooperation Council (GCC).
He added, “This partnership aims to redefine the future of transportation and achieve Saudi Vision 2030.”
Apart from facilitating individuals to earn extra income through peer-to-peer car-sharing, Ejaro collaborates with multiple insurance companies in the Kingdom to provide tailored insurance services and solutions to its clientele.
According to the platform, it has facilitated over 25,000 days of travel, demonstrating the growing popularity and need for its service. In less than two years, it has assisted over 100 hosts in earning over 2.5 million Saudi Riyals.
