The car sales e-commerce platform Syarah has successfully closed a Series C investment round, raising $60 million, in total. Using the Artal Growth Opportunities Fund, Artal Financial, an independent investment management company with headquarters in Riyadh, spearheaded the round.
Notable investors that took part included Yousef Al-Rasheedi, founder of Haraj.com, Elm Company, Impact46, Tawuniya Insurance, and Derayah Ventures. Twenty million dollars in venture debt from PFG is included in the total amount raised.
The Artal Growth Opportunities Fund, which aims to invest in developing digital companies in Saudi Arabia and the GCC region, has made two investments so far, with a target fund size of SAR 500 million. This comes after they already invested in FlyAkeed in the previous year.
The money raised in this round of fundraising will help Syarah carry out its aggressive expansion plans and maintain its dominant position in the Kingdom’s used automobile industry.
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Salah Alsharif, CEO and co-founder of Syarah, commented: “We are delighted to receive support from esteemed investors led by Artal Financial. We aspire for this investment to enable us to continue our journey in improving the car-buying experience in the region and enhancing our added value in the used car market. Our operational success in sourcing inventory, inspecting used cars, reconditioning them, and presenting them online has elevated the standard of the used car sales sector. With this new investment, we aim to expand and further improve our services.”
Syarah was established in 2015 as a digital classifieds website and has since grown into a full-fledged e-commerce business with an emphasis on improving the used car purchase experience for consumers. Over the last two years, the company has grown significantly, selling over 12,000 cars a year.
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Rayan Al-Rashid, CEO of Artal Financial, added: “Syarah’s innovative approach to the used car market aligns perfectly with our investment strategy. We see great potential in the company’s business model, and we are confident that our investment will help the company reach new heights. This funding round reflects our commitment to supporting tech companies that drive economic growth and create significant value in Saudi Arabia and the GCC region.”
About Syarah
Syarah, the top e-commerce site reinventing used automobile buying. They provide a 10-day money-back guarantee on most used autos. They offer a smooth and trustworthy automobile purchase experience with unique Full Warranty Features and 1 Year Warranty for peace of mind. They also have several new automobiles.
