Saudi mobility startup Telgani raises $6M in Series A funding
Founded in 2019, Telgani provides transport solutions and car rental options to customers via its app and website.
, a mobility startup based out of Saudi Arabia, has raised $6 million in Series A funding led by Hala Auto and Elm Company.
The funding will be used to expand the startup's short-term car rental services across Saudi Arabia. It also aims to increase and offer more tech solutions for flexible car subscriptions.
Majed Bin Saad Al-Arifi, Deputy CEO of Elm Company, said the company is looking forward to the next stages of its development to enhance its services and solutions to "reinform the role of mobility and car rental services sector".
The investment is in line with Elm's strategy to expand its investment base and provide support to SMEs and startups in Saudi Arabia.
Founded in 2019, Telgani provides transport solutions and car rental options to customers via its app and website. It also has a fast car delivery service, and has launched several new services such as car delivery services at the airport.
The CEO of Hala Auto, a major distributor for Toyota in KSA, said the team is confident in the capabilities of the Telgani team to develop the sector and provide solutions for customers to have the best experiences possible.
Over the year, there has been significant investment in the region. The MENA region saw notable startup funding activity and investment growth last year. While the number of deals came down by 7.6%—from 679 in 2021 to 627 in 2022—the year also reported an 8% funding boost, with a total of $3.2 billion raised. The year 2022 also saw a record number of exits in the region.
According to a report by startup data platform MAGNiTT, there was a 71% rise in mergers and acquisition transactions. In fact, exits doubled in the UAE, Saudi Arabia, and Egypt. More than 50% of exits in MENA were from startups founded five years ago or earlier. Another interesting trend in the region was the rise in ‘mega deals’ (deals over $5 million). From three in 2021, seven mega deals were finalised in 2022, with three of them coming from Saudi Arabia.
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Edited by Teja Lele
