Saudi-based peer-to-peer vehicle sharing platform Ejaro has announced the successful completion of its seed round. Led by angel investors and with significant contributions coming from BIM Ventures, the round has brought fresh capital worth $850,000 to the company.
Ejaro was launched in 2019 as a unique platform to enable car owners to make money from their depreciating asset, while simultaneously making life easier for those requiring access to easily affordable rental cars.
The platform was launched as a co-sponsor of Riyadh Season, a popular entertainment and tourism event held in Saudi Arabia. Ejaro used the event to test its platform with early adopters. The experiment was successful with the early adopters who then helped the company with valuable feedback.
The objective of Ejaro is to build a community based on trust where all stakeholders including car owners and renters feel safe using the services. Adding more to the deal, the company also rolled out a p2p vehicle sharing insurance policy in collaboration with Kingdom Brokerage and MedGulf.
“We are very thrilled about this milestone for Ejaro, which comes in time with the launch of our new and improved application and the finalizing of the new license requirements for peer-to-peer vehicle sharing from the Saudi Transport General Authority,” said Mohammed Khashoggi, Founder and CEO of Ejaro.
“We predict large potential growth in the post-COVID economy, capitalizing on the regional car rental market size of over $4B. With millions out of jobs and rental companies struggling, our platform empowers owners to earn an additional source of income through their depreciating assets and share it with the masses, I truly believe that Ejaro will boom in the coming weeks.”
The newly infused capital will be used to expedite the development of new features and to further enhance the hosted cars and renters’ bases.