Syarah, a leading autotech platform based in Saudi Arabia, has successfully raised $60 million in a Series C funding round. This significant investment was led by Artal Capital, with notable participation from Elm, Impact46, Tawuniya Insurance, Derayah Ventures, and Yousef Alrasheedi, founder of Haraj. With this round, Syarah’s total funding has now surpassed $82 million.
Company Background and Expansion
Founded in 2015 by Salah Sharef and Fayez Al-Anazi, Syarah has transformed the car buying experience. Initially focusing on new cars, the platform allows customers to purchase vehicles online and have them delivered directly to their doorsteps. In 2019, Syarah expanded its services to include used cars. Customers now benefit from a free car inspection report, a five-day money-back guarantee, and a one-year warranty. These features have significantly enhanced the buying experience.
Use of Funds and Future Growth
The recent funding round, which also included a $20 million venture debt facility from PFG, will be used to accelerate Syarah’s growth. This capital will support the company’s plans to solidify its leadership in the Saudi used car market. Since its inception, Syarah has grown rapidly, now selling over 12,000 cars annually.
Statements from Key Figures
Salah Sharef, CEO and Co-Founder of Syarah, commented on the investment:
“We are thrilled to have the backing of such esteemed investors led by Artal Capital. This funding will enhance our value proposition in the used car market. Our success in sourcing, inspecting, reconditioning, and selling cars online has set new industry standards. With this investment, we aim to expand our reach and further improve our services.”
Rayan Alrasheed, CEO of Artal Capital, highlighted the strategic fit of the investment:
“Syarah’s innovative approach to the used car market aligns perfectly with our investment strategy. We see tremendous potential in their business model and believe our investment will help Syarah reach new heights. This funding round underscores our commitment to supporting tech-enabled companies that drive economic growth and create value in Saudi Arabia and the GCC region.”
Wassim Moukahhal, Head of Alternative Investments at Artal Capital, added:
“We are excited to support Syarah in this next growth phase. Their ability to blend technology with traditional car sales has improved efficiency and enhanced customer satisfaction. We look forward to seeing Syarah continue to innovate and lead the market.”
Conclusion
In summary, Syarah’s successful Series C round underscores its pivotal role in transforming the automotive retail landscape in Saudi Arabia. With strong backing from prominent investors, the company is well-positioned to advance its strategic goals and drive further growth in the evolving used car market.