(MENAFN - Khaleej Times) Carasti, a Middle East car subscription app, has announced a successful $3 million pre-Series A investment round.
The round, which was oversubscribed, was led by Net Ventures with participation from Rua Growth Fund, as well as a number of other undisclosed investors. The new investment will allow the company, which currently operates in the UAE, to implement its plans for regional expansion, starting with Saudi Arabia later in 2021.
The successful pre-Series A funding round has followed triple-digit quarter-on-quarter revenue growth for Carasti since the end of coronavirus-related lockdown measures in the UAE in April 2020, with Q3 2020 posting more than a 200 per cent increase on the previous quarter.