News
Saudi Arabian autotech company Syarah has secured $60 million in a Series C funding round. The round was led by Artal Capital with contributions from Elm, Impact46, Tawuniya, and Derayah Ventures, bringing Syarah’s total funding to over $82 million.
Founded in 2015 by Salah Sharef and Fayez Al-Anazi, Syarah offers online car purchases with home delivery. In 2019, Syarah expanded to include used cars, providing a free inspection report, a five-day money-back guarantee, and a one-year warranty.
The new funds will support Syarah’s expansion and growth plans.
Syarah announced raising over SAR225 million ($60 million) from investors in its latest Series C round. Artal Capital led the round through its Artal Growth Opportunities Fund, with other investors including Elm, Impact46, Tawuniya Insurance, Derayah Ventures, and Yousef Alrasheedi. The total included a $20 million venture debt facility from PFG.
This is the second investment by Artal Growth Opportunities Fund, which supports high-growth tech companies in Saudi Arabia and the GCC region. The fund aims to raise SAR500 million and previously invested in FlyAkeed.
The funding will help Syarah cement its market leadership in Saudi Arabia’s used car sector. Since 2015, Syarah has grown from a car classifieds platform to a full-fledged e-commerce business, focusing on enhancing the customer experience in the used car market. Syarah now sells over 12,000 cars annually.
Syarah CEO and Co-Founder Salah Sharef stated, We are thrilled to have the support of esteemed investors like Artal Capital. This investment will help us enhance our value proposition in the used car market and expand our reach.
Rayan Alrasheed, CEO of Artal Capital, added, Syarah’s innovative approach aligns with our investment strategy. We see great potential in their business model and believe this investment will help Syarah scale new heights.
Wassim Moukahhal, Head of Alternative Investments at Artal Capital, also commented, We are excited to support Syarah’s growth. Their blend of technology and car sales has improved efficiency and customer satisfaction. We look forward to Syarah’s continued innovation and leadership in the market.