International law firm CMS has successfully advised ekar, the Dubai-based pay-per-minute car rental startup, on its $17.5 million Series B funding which will see the business expand internationally for the first time.
Founded in 2015, ekar users can rent cars by the minute, hour or day using its mobile app. With over 1,000 cars available in the United Arab Emirates, ekar currently fulfils over 50,000 monthly bookings. The company’s expansion into Saudi Arabia will begin with ekar launching its operations in Riyadh. This is ekar’s first international market and involves the launch of 600 new cars, with plans for future expansion in other Saudi Arabian cities including Dammam, Dessah, Mecca, Medina and KAEC.
ekar is a member of the CMS equIP programme – the only international programme driven by a law firm that is focused on the development and nurturing of tech start-ups worldwide. It is designed to give scale-ups and entrepreneurs the tools they need to grow and succeed, offering members access to mentoring, training and industry introductions as well as discounted legal advice to help accelerate their growth potential.
Mohammed Majid, partner and Co-Head of Corporate at CMS Dubai, comments: “As a member of CMS equIP, we are delighted to have supported ekar on this important round of fundraising. We’ve seen them thrive in their local market and have every expectation that their expansion into Saudi Arabia will drive their growth and continued success.”
Since its launch, CMS equIP has worked with startups in over 20 countries across Europe, the Middle East, Asia and Legal America. ekar is one of seven Dubai-based startups enrolled on the equIP programme, including BGX, Bsquared Wifi, BXB, HAYVN, Monami Tech and Urban Buz.
The CMS team was led by Mohammed Majid and supported by Hanna Uhlin, Corporate associate.