Ekar, UAE-based carshare operator, is set to expand into Saudi Arabia after securing Series B funding worth $17.5 million, it said in a statement.
The new funding round was led by Dubai-based venture capital firm Polymath Ventures, including Al Yemni Group and Audacia Capital.
“Today, Ekar UAE services 50,000 bookings per month, a number which we expect to quadruple over the next 12 months as we launch services across cities in Saudi Arabia and other Gulf countries,” said Vilhelm Hedberg, CEO, Ekar Middle East.
Ekar is launching in Riyadh with 600 cars which will be followed by launch in other cities including Dammam, Jeddah, Makkah, Medina, and King Abdullah Economic City.
The company expects to have a fleet of 10,000 cars and over a million members by 2021.
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