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P2P car rental platform Ejaro fosters business in MENA via funding round

P2P car rental platform Ejaro fosters business in MENA via funding round
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Riyadh – Mubasher: Saudi peer-to-peer (P2P) car rental firm Ejaro has completed a pre-Series A investment round exceeding SAR 12.30 million, led by Cooperative and angel investors.

Ejaro will use the investment to enhance its development and expansion plans to anchor its position in the peer-to-peer car rental field across the MENA region, according to a recent press release.

The company also highlighted that the fundraising transaction aligns with a series of strategic developments and the launch of advanced products aimed at boosting the car rental sector in Saudi Arabia.

Mohammed Khashoggi, Founder and CEO of Ejaro, said: “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, commented: “This partnership aims to redefine the future of transportation and achieve Saudi Vision 2030.”

Besides providing P2P car-sharing services, Ejaro also offers customised insurance services and solutions to customers in partnership with a wide range of insurance companies in the Kingdom.

The platform facilitated more than 25,000 days of trips due to the increasing demands and helped over 100 hosts earn above SAR 2.50 million in less than two years.