UAE start-up Udrive, which provides pay-per-minute car rental services to consumers, has secured $5 million in a new funding round.
The company secured the funding from Cultiv8, the Dubai government's SME and start-up investment arm, and Muscat-based Oman Holding International, according to a statement on Monday. Cultiv8 is owned by the Mohammed Bin Rashid Fund for SMEs.
The fresh capital will be used to support Udrive's expansion in the region and enhancements of its technology.
"The recent funding secured will help us invest in new technologies as well as grow our offerings into the region this year. We want to provide this service to everyone who can drive, and the reality is customer demand is shifting fast from buying and owning to on-demand and subscription," said Nicholas Watson, Udrive CEO and co-founder.
Udrive started in 2017 as a budget-friendly car-sharing/ rental provider for drivers in Dubai, Sharjah and Abu Dhabi. The Udrive app allows users to book a car of their choice from their preferred location and pay only for the time they’ve driven the vehicle.
The company has logged two million trips to date.
(Writing by Cleofe Maceda; editing by Mily Chakrabarty)
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