UAE-based car rental platform WheelsOn secured USD 12.5 mn in a funding round that pushed the firm’s total valuation to USD 30 mn, according to a press release. The round included USD 2.2 mn in equity commitments from private investors, including partners of Xploration Capital, and USD 4 mn in financing from local banks.

The details: Some USD 6.5 mn of the funding will go towards fleet expansion. The firm is also looking to roll out AI-powered dynamic pricing, speed up new product development — like digital vehicle keys — boost its market presence in the UAE, and expand into other GCC countries.

About WheelsOn: Founded in 2023 by Nikolay Melnichuk (LinkedIn) — a partner at Xploration Capital — alongside COO Adlet Shagirov and CPO Maxim Olivson, WheelsOn owns a fleet of cars it then offers out for rental. The firm aims to reduce the need for large security deposits, paperwork, and extra costs. It also offers chauffeured services and monthly subscriptions.

Tags: