Online car service and repair booking company, Service My Car, has raised $10 million during its first round of seed funding, as technology-driven companies continue to attract investors amid the pandemic.
Oman’s Bahwan, a prominent family-owned group with interests in the automotive sector, announced it was investing in the UAE-based company.
“It is an emerging time for the automotive ecosystem as investors are noticing the benefits of technology and digitization in the industry,” Ozair Puda, chief executive of Service My Car, said in a statement.
The region’s automotive industry has seen a wave of digital-focused companies setting up, including pay-by-minute car rentals. Service My Car was launched in 2018, and has since recorded growth.
“With the infusion of this capital, we are looking forward to extending this convenience, affordability and transparency to all GCC car owners,” Puda said.
The company will also use the fund to expand its service offerings, eventually including roadside assistance, car detailing, and car insurance.
Source: https://www.arabnews.com/node/1822446/business-economy