Expanded Saudi's Syarah Secures $60 Million in Series C Financing to Expand its Car Marketplace for Both New and Used Vehicles
Syarah Secures $60 Million in Series C Funding
Syarah, an online car marketplace based in Riyadh, Saudi Arabia, has raised $60 million in its Series C funding round. This significant investment will support the company's growth and expansion plans.
Founded in 2015 by Salah Sharef and Fayez Al-Anazi, Syarah has established itself as a leading platform for buying and selling new and used cars. The company offers a Kingdom-wide doorstep delivery service, making car purchasing convenient for customers across Saudi Arabia.
The latest round of funding, totalling $60 million, was led by Saudi investment firm Artal Capital, with participation from Elm, Impact46, Tawuniya, and Derayah Ventures. Notably, Elm and Impact46 had previously co-led the $20 million Series B round of Syarah in 2021. The investment also includes $20 million in debt from US-based Partners for Growth.
Syarah's platform ensures that used cars undergo a comprehensive inspection before listing, and they come with a one-year warranty. Buyers also benefit from a 10-day trial period with a no-questions-asked return policy, providing peace of mind during the purchasing process.
Last year, Syarah opened a 55,000-square-foot facility dedicated to refurbishing and servicing used cars. This investment in infrastructure reflects the company's commitment to quality and customer satisfaction.
With this latest funding round, Syarah's total capital raised to date exceeds $82 million. The company's success in the Saudi Arabian market, combined with the growing investor appetite for tech-enabled platforms, positions Syarah well for future growth.
However, specific details regarding Syarah's Series C funding, investors, and expansion plans beyond what has been disclosed are not currently available. For the most up-to-date information, it is recommended to check Syarah’s official announcements, press releases, or trusted financial news outlets covering the Saudi tech sector.
In the broader regional ecosystem, venture funding and growth capital are actively flowing in the Gulf region, including Shariah-compliant funds and venture debt reaching hundreds of millions of dollars. This general environment may impact or benefit startups like Syarah. Other regional startups, particularly in Saudi Arabia and the MENA region, are also raising substantial rounds to accelerate expansion and technology adoption.
- Syarah intends to utilize the raised $60 million in Series C funding for strategic investments in technology and business expansion.
- The growing interest in technology-driven platforms, as evidenced by the $60 million Series C funding for Syarah, reflects the active flow of venture funding in the Gulf region and the MENA market.
