Syarah, a Saudi based leading car trading e-commerce platform has successfully raised over $60 million in Series C round led by Artal Capital, a Riyadh-based investment management firm, through Artal Growth Opportunities Fund. Other notable investors who participated in the round included Elm, Impact46, Tawuniya Insurance, Derayah Ventures, and Yousef Alrasheedi (founder of Haraj). The total amount raised included a US$ 20 million venture debit facility from PFG.
This marks the second investment by Artal Growth Opportunities Fund, a private equity fund which aims to support high-growth, technology-enabled companies in Saudi Arabia and the GCC region with a target fund size of SAR 500 million, following its investment in FlyAkeed last year.
The funding proceeds will be utilized to fuel Syarah’s ambitious growth plans, solidifying its position as the market leader in the Saudi used cars market. Since its inception in 2015, Syarah has evolved from a classified ads platform for cars to a comprehensive e-commerce offering with a strong focus on enhancing the customer purchasing journey in the used-car market. Syarah achieved significant growth over the past two years, and currently sells more than 12 thousand cars per year.
Commenting on the investment, Salah Sharef, CEO and Co-Founder of Syarah, said:
“We are thrilled to have the backing of such esteemed investors led by Artal Capital. This investment will enable us to further enhance our value proposition in the fragmented used cars market. Our operational success in cars sourcing, inspection, reconditioning, and online sales have already set a new benchmark in the industry, and with this funding, we aim to expand our reach and improve our services even further.”
Rayan Alrasheed, CEO of Artal Capital, added: “Syarah’s innovative approach to the used car market aligns perfectly with our investment strategy. We see tremendous potential in their business model and are confident that our investment will help Syarah scale to new heights. This funding round is a testament to our commitment to supporting tech-enabled companies that drive economic growth and create significant value in Saudi Arabia and the wider GCC region.”
Wassim Moukahhal, Head of Alternative Investments at Artal Capital, said: “We are excited to support Syarah in this next phase of growth. Their ability to combine technology with traditional car sales processes has not only improved efficiency but also enhanced customer satisfaction. We look forward to seeing Syarah continue to innovate and lead in the market.”
