Ejaro Celebrates Major Funding Milestone with 12.3 Million Riyals Investment

Ejaro Celebrates Major Funding Milestone with 12.3 Million Riyals Investment

By Staff Writer, 31 January 2024

Ejaro, the licensed peer-to-peer car rental company that has been operating in Saudi Arabia since 2019, announced today the successful conclusion of a Pre-Series A investment round, garnering over 12.3 million Saudi Riyals.

The funding was led by Cooperative and a group of angel investors.

The company highlighted the significance of this investment round, characterizing it as a major milestone coinciding with a series of strategic developments and the introduction of innovative products.

This move underscores Ejaro's dedication to revolutionizing the car rental sector within Saudi Arabia.

The injected capital will play a pivotal role in bolstering the company's development and expansion initiatives, aiming to solidify its position as a leader in the peer-to-peer car rental industry across the Middle East and North Africa.

Mohammed Khashoggi, the Founder and CEO of Ejaro, expressed his enthusiasm about the funding round, stating, "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."

Fahad bin Maamar, CEO of Investments at Cooperative, affirmed their confidence in Ejaro's innovative approach within the car-sharing market, considering it 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."

Source: EntArabi

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