Ejaro, The 1st Licensed P2P Car Sharing Platform in Saudi Arabia & GCC, has Secured USD 3.3 Million in Pre-Series A Funding round led by Cooperative and angel investors.
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The funds will be utilized to advance platform’s growth and expansion objectives in order to fortify its presence in the Middle East and North Africa peer-to-peer vehicle rental market.
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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.”
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Fahd bin Muammar, Chief Investment Officer at Tawuniya, said: “We believe in the innovative approach taken by Ejaro in the car sharing market, and we consider it a key partner in transforming the mobility landscape in the GCC region, which is completely in line with our investment strategy to support projects.” Which drives technological progress and sustainable economic growth, as this partnership aims to redefine the future of transportation in line with Saudi Vision 2030.”
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About Ejaro
Founded in 2021, Ejaro is the first licensed peer-to-peer vehicle sharing marketplace in Saudi Arabia. It connects local vehicle owners with individuals who are looking to rent vehicles whenever and wherever they want.
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It empowers owners to earn extra income from their depreciating private vehicles (assets) by sharing it with ejaro’s trusted community. Ejaro’s services provide the ease and convenience of locating the nearest vehicles at competitive prices.
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