Saudi Peer-to-peer car rental platform Ejaro has raised SAR12.3 million ($3.28) million to fund its expansion in the Middle East and North Africa (MENA) region.

Proceeds of the investment round, led by cooperative and angel investors, will be used to support the company’s development and expansion plans, according to a report by news site entArabi.

Ejaro serves as a vehicle sharing community that connects car owners with individuals who are looking to rent vehicles, providing extra income to residents.

So far, the platform has facilitated more than 25,000 days of trips and helped vehicle owners generate SAR2.5 million ($666,000) in extra income in less than two years.

The company also collaborates with Saudi insurers to offer customised insurance services and solutions to customers.

Founded in 2019, the company seeks to cash in on the $4 billion car rental market in the region.

The start-up had raised investments in previous funding rounds, which include $300,000 in early 2020 and $850,000 in January 2021,

(Writing by Cleofe Maceda; editing by Seban Scaria)