Ejaro Raises USD 3.3 Million in Pre-Series A Funding Round
Ejaro, a licensed peer-to-peer car rental company in Saudi Arabia, successfully concludes a Pre-Series A investment round, securing over 12.3 million Saudi Riyals (USD 3.3 million) , led by Cooperative and angel investors.
• The funding represents a significant milestone for Ejaro, aligning with strategic developments and the introduction of innovative products. It underscores the company’s commitment to transforming the car rental sector in Saudi Arabia, with plans to advance development, expand operations, and solidify its position in the peer-to-peer car rental sector across the Middle East and North Africa.
• Mohammed Khashoggi, Founder and CEO of Ejaro, highlights the commitment to innovation and customer needs in completing the funding round.
Ejaro, a licensed peer-to-peer car rental company in Saudi Arabia since 2019, has announced the successful conclusion of a Pre-Series A investment round, securing over 12.3 million Saudi Riyals (USD 3.3 Million) Cooperative and angel investors led this funding initiative, according to media reports.
The company emphasized that this funding round signifies a major milestone aligned with strategic developments and the introduction of innovative products.
It underscores Ejaro’s commitment to revolutionizing the car rental sector in Saudi Arabia.
The investment will play a crucial role in advancing development, expanding operations, and consolidating its position in the peer-to-peer car rental sector across the Middle East and North Africa.
Mohammed Khashoggi, Founder and CEO of Ejaro, expressed, “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,” Khashoggi added.
Fahad bin Maamar, CEO of Investments at Cooperative, affirmed their confidence in Ejaro’s innovative approach in the car-sharing market, recognizing it as 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.”
Beyond providing peer-to-peer car-sharing services for individuals to generate additional income, Ejaro also offers tailored insurance services and solutions in collaboration with various insurance companies in the Kingdom.
The platform highlighted its contribution to over 25,000 days of trips, reflecting the growing demand and acceptance of its service. Ejaro has assisted over 100 hosts in earning more than 2.5 million Saudi Riyals in less than two years, showcasing its positive impact on the local economy.***
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