(MENAFN - Khaleej Times) Carasti, a Middle East car subscription app, has announced a successful $3 million pre-Series A investment round.
The round, which was oversubscribed, was led by Net Ventures with participation from Rua Growth Fund, as well as a number of other undisclosed investors. The new investment will allow the company, which currently operates in the UAE, to implement its plans for regional expansion, starting with Saudi Arabia later in 2021.
The successful pre-Series A funding round has followed triple-digit quarter-on-quarter revenue growth for Carasti since the end of coronavirus-related lockdown measures in the UAE in April 2020, with Q3 2020 posting more than a 200 per cent increase on the previous quarter.
Carasti raises $3m pre-Series A investment round
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Carasti app now offers new-car leases, delivered in 4 hours
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UAE-Based Carasti Raises $3 Million in Pre-Series A Round
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Carasti raises $3 million in pre-Series A
UAE-based car subscription platform, Carasti, has raised a $3 million pre-Series A funding round, led by Net Ventures with participation from Rua Growth Fund, as well as several other undisclosed investors.
Founded in November 2019, the startup offers a “car as a service” monthly subscription platform, enabling its users to hire a car for up to 24 months.
Carasti claims to have registered a triple-digit quarter-on-quarter revenue growth since the UAE’s lockdown was lifted in April 2020.
Carasti plans to use the investment to grow in the UAE and expand to the rest of the region, starting with Saudi Arabia later this year.