Saudi-based car rental platform Telgani, raised 6 figure seed funding round. The round was led by 500 startups, Saudi venture capital company (SVC), impact46 and a consortium of angel investors.
The investment will enable the company to expand and further develop its car-rental services.
Founded in 2018, Telgani is a leading car rental platform in which customers can quickly and easily rent a car at a very competitive price, and the car will be either delivered to their doorstep, or they can pick it up at the rental company.
Telgani claims to have achieved a 300 per cent growth year-on-year for 2019. The company now serves customers in more than 20 cities in the Kingdom, and it recently expanded to the UAE.
“We are experiencing one of the most significant and important developments towards vision 2030, and we consider ourselves fortunate to be in the position to join this movement in building a more efficient and sustainable car rental industry,” said Abdulkader Almkinzy, founder and CEO at Telgani
According to Magnitt the car rental industry in the MENA region is estimated at 4 billion dollars, with Saudi Arabia taking over 15% of the market at about 600 million dollars. Today, there are approximately 4 million rental vehicles servicing Saudi Arabia, and it’s expected to get to 4.4 million in the next four years.
“Our marketing strategy takes place within two interrelated segments. On the corporate market, we have a focus on airports and hotel surroundings. While in the leisure segment, our rental services target agency owned facilities that are conveniently located within most major roads and metropolitan areas,” said Almkinzy.