UAE-based mobile-first car rental platform, WheelsOn, has secured a $12.5 million funding round to expand its fleet, accelerate product development, and grow its market presence in the UAE and GCC.
By the Numbers
The funding is a mix of equity, fleet expansion financing, and debt from local banks:
- $12.5 Million: The total value of the funding round.
- $2.2 Million: The amount raised in equity from MENA-focused private investors, including partners of Xploration Capital.
- $6.5 Million: The amount raised for a fleet expansion round.
- $4 Million: The amount secured in financing from local banks.
A Digital-First Approach to Car Rental
Founded in 2023, WheelsOn is a digital car rental platform aiming to modernize mobility across the Middle East. The company was created to address the challenges of the traditional car rental experience in the UAE, such as steep security deposits, hidden fees, and lengthy paperwork.
“Our mission is to rethink car rentals by offering full transparency, digital convenience, and a product that puts users in control,” said Maxim Olivson, CPO at WheelsOn. “We remove deposits completely, eliminate paperwork and counter queues, and give customers a seamless experience all through our intuitive mobile app and website”.
Fueling Tech Development and Fleet Expansion
The new funds will be used to expand the company’s fleet and speed up product development. WheelsOn plans to launch advanced AI-powered dynamic pricing tools to improve fleet utilization and smarter personalization software to recommend vehicles and insurance based on user preferences. A key upcoming tech feature is digital car keys, which will enable renters to unlock vehicles directly via their smartphones for a contactless rental experience.
A Vertically Integrated Model for Quality Control
Unlike traditional services, WheelsOn owns and directly operates its entire fleet, giving it complete control over the rental experience. This ensures consistent vehicle quality, transparent pricing without hidden fees, and reliable service. The platform’s fleet management and vehicle tracking system monitors each vehicle in real-time, enabling proactive maintenance scheduling and operational transparency.
Source: WAYA
