$3.28 million for Ejaro to expand P2P vehicle sharing marketplace across MENA

🚗 Meet Ejaro! Based in Saudi Arabia, Ejaro is a peer-to-peer (P2P) vehicle sharing marketplace connecting local vehicle owners with renters across the MENA region.

And, they just raised $3.28 million in a pre-Series A investment round.

• The company founded in 2019 by Mohammed Khashoggi, has facilitated over 25,000 days of trips and helped over 100 hosts earn more than $660k in less than two years.

💰 Investor lowdown: The round was led by Tawuniya and angel investors.

• Ejaro previously raised $850k in seed funding from angel investors and BIM Ventures back in 2021.

‍‍

⚙️ Break it down 

Ejaro helps to balance the supply and demand for rental vehicles while offering financial benefits to car owners, and better rates for renters.

How you ask? 👇

‍

Greater availability. By leveraging private car owners, Ejaro expands the pool of available rental vehicles. 

• This approach holds merit in situations where traditional rental car companies face inventory shortages, such as during peak travel seasons - think Hajj and Umrah in KSA for example.

‍

Making cars pull their weight. Ejaro provides car owners with a platform to earn income from their vehicles when they are not in use. 

• Helpful for individuals who may not use their cars daily, offering a way to monetise an otherwise idle and depreciating asset. Driveways don’t pay for themselves you know!

‍

Bringing down prices. Ejaro claims that its rates can be up to 40% lower than those of traditional car rental services, whilst also providing access to a broader variety of vehicles - Ford Mustang anyone?

‍

🔮 Flashforward: 

The fresh funding will be used to enhance Ejaro’s development and expansion plans to strengthen its position in the car rental field in MENA.

Through partnerships with Tawuniya, Najm, and Absher, the company is also making leading in the insurance sector a key focus area going forward.