Carasti offers 1-to-24 month car subscription services that allows consumers to choose, swap, upgrade, or downgrade their vehicle. They aim to use their new funds to expand in the UAE.
Carasti, a UAE-based car subscription platform, has secured a $3 million pre-series A investment round led by Net Ventures with participation from the Rua Growth Fund, as well as a number of other undisclosed investors.
Since launching in November 2019, Carasti offers 1-to-24 month car subscription services that allows consumers to choose, swap, upgrade, or downgrade their car through the comfort of the Carasti app. Customers can select a new or used car from Carasti’s selection, upload their driver’s licence and EID, and have the vehicle delivered to their home.
The funding round has followed triple-digit quarter-on-quarter revenue growth for Carasti since the end of the COVID-19 lockdown measures in the UAE in April 2020, with Q3 2020 posting more than a 200% increase on the previous quarter.
“We are delighted to have Net Ventures and Rua Growth Fund onboard, bringing with them a wealth of experience and great strategic importance given their focus on building online marketplaces, including in the automotive space,” Michael Menary, CFO of Carasti, said. “Rua Growth Fund will also support our geographical expansion through their strong regional networks and market access.”
As part of the funding round, Ben Neve, CEO of Net Ventures and Khaldoon Tabaza from Rua Growth Fund joined Carasti’s Board of Directors. Carasti will now look to further develop their app, hire more talent, and scale operations in the UAE and internationally.