Dubai-based Finalrentals raises undisclosed angel investment
Founded in 2019, Finalrentals connects customers with car rental companies to hire cars through its platform.
Finalrentals, the Dubai-based online car rental company with headquarters in Cardiff, Wales, on Tuesday said it raised undisclosed angel funding from Fuel Ventures, Eamon Tuhami, and two other angel investors.
The six-figure undisclosed investment was matched by the Development Bank of Wales’ Wales Angel Co-Investment Fund.
Founded in 2019 by Ammar Akhtar, Finalrentals connects customers with car rental companies to hire cars through its platform. It is available in 22 countries, including Canada, the US, and UAE.
Having observed the inadequacies in the global car rental space, Ammar decided to bring his experience of working with ecommerce companies to the car rental sector.
Finalrentals has been a part of the Fintech Wales Foundry programme.
The Wales Angel Co-investment Fund is an £8 million fund that provides Welsh businesses alternative finance through angel investment. The five-year fund helps in the creation of angel syndicates and networks across Wales. It provides loans and equity up to £250,000 to investors looking for co-investment.
As per Mordor Intelligence, the car rental market in the GCC was valued at $600 million in 2021 and is expected to reach $1,600 million by 2027, with a compound annual growth rate (CAGR) of over 15% between 2021 and 2027.
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Edited by Suman Singh