Dubai’s Cultiv8 and Oman Holding International invest US$ 5mn
Udrive, the UAE’s homegrown brand providing a pay-per-minute car rental service for UAE residents and tourists recently completed another strong funding round with strategic investments of US$ 5mn from Cultiv8 and Oman Holding International.
Known as the first technology platform in the GCC to offer car rentals by the minute, Udrive recorded strong growth in 2021, clocking two million trips to date, making it one of the largest rental booking platforms by transactions per car in the region.
The new funding was secured from Cultiv8, the government’s SME and startup investment arm.
“Mobility tech is one of the key investment sectors our technology fund focuses on, and UDrive perfectly fits the fund’s guidelines and the fund manager’s ambitions. With the newly formed board and management team we are excited for Udrive’s continued triple digit growth across the MENAT region during 2022,” noted Arif Alawi, CEO, Cultiv8.
Joining Cultiv8 in the funding round was Muscat-based Oman Holdings International, which owns Budget Oman and sees the future of mobility.
“We can expect to see radical shifts in how cars will be used both globally and regionally. Udrive presented their well-articulated plan to achieve successful entry across new market making our decision easy to invest in Udrive,”commented Eihab Saleh, Oman Holdings International’s Director & CEO. “We are digitizing mobility making it easily accessible to everyone. The recent funding secured will help us invest in new technologies as well as grow our offerings into the region this year,” stated Udrive CEO and co-founder Nicholas Watson.