Riyadh - Sharikat Mubasher: Ejaro, the first licensed peer-to-peer vehicle sharing platform in Saudi Arabia, secured SAR 12.3 million in a pre-Series A funding round led by Tawuniya Company and angel investors, a recent statement revealed.

The proceeds will be allocated to accelerate Ejaro’s expansion plans and consolidate its position as a leader in the Saudi car rental sector.

This round represents a milestone for Ejaro and aligns with its commitment to revolutionizing the car rental market in Saudi Arabia.  

Mohammed Khashoggi, Founder and CEO of Ejaro, emphasized the company’s dedication to innovate and meet the needs of its customers, in addition to reshaping the vehicle-sharing concept in the Kingdom.

He added that the company also aspires to be a leader in the insurance sector by partnering with Tawuniya, Najm, and Absher, in conjunction with Vision 2030’s objectives to promote economic growth and innovation.

For his part, Fahad Muammar, Chief Executive Officer for Investment at Tawuniya, emphasized the company’s trust in Ejaro’s innovative approach as it plays a pivotal role in transforming the transportation landscape in the GCC region.

Ejaro connects local vehicle owners with individuals who are looking to rent vehicles whenever and wherever they want. It empowers owners to earn extra income from their depreciating private vehicles by sharing them with Ejaro’s trusted community.