WheelsOn, a Dubai-based startup specializing in deposit-free car rentals, has successfully raised $12.5 million in a recent funding round. This capital infusion comprises $2.2 million in equity from various investors, including the founders of London’s Xploration Capital, alongside $6.5 million earmarked for fleet expansion and an additional $4 million sourced from bank financing. With this investment, WheelsOn is now valued at nearly $30 million, reflecting its potential in the competitive car rental market. Founded in 2023, the company aims to streamline the car rental experience by eliminating the traditional deposit requirement, thus attracting a broader customer base seeking convenience and flexibility in their transportation options.
Source: MENAbytes
