by k z | Sep 5, 2024 | Startups News
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.
by k z | Sep 4, 2024 | Startups News
Dubai-based HR SaaS startup Cercli has raised $4 million in a seed funding round led by Afore Capital, a US-based venture capital firm. Notably, this is Afore Capital’s first investment in the MENA region, highlighting the increasing interest in the area’s tech ecosystem.
Diverse Investment Support
The seed round attracted several high-profile investors. Amir Farha’s COTU Ventures, Y Combinator, Rebel Fund, and various angel investors also participated. Among the notable angel investors were Karim Atiyeh, co-founder of Ramp, and Sebastian Mejia, co-founder of Rappi. Additionally, Tony Dong, former VP of Engineering at Rippling, and Tony Jamous, co-founder of Oyester, invested. Other contributors included Allison Pickens and founders and executives from Kitopi, Careem, and other MENA startups.
Streamlining HR Processes
Founded last year by Akeed Azmi and David Reche, Cercli aims to transform payroll and workforce management in the MENA region. The platform offers a solution that integrates several back-office functions. These include local payroll, remote contractor management, HR services, and onboarding. As a result, businesses can eliminate the need for multiple tools, leading to more streamlined operations.
Moreover, Cercli’s product integrates with various HR, finance, accounting, legal, and IT software. This makes it a versatile tool for managing distributed teams.
Rapid Growth and Expansion Plans
Since launching earlier this year, Cercli has grown rapidly. The startup reports a 25% increase in monthly activity. It has also facilitated over $23 million in salary payments across 31 countries. This growth demonstrates Cercli’s capability to handle significant payroll volumes.
Akeed Azmi, co-founder of Cercli, emphasized the platform’s importance in addressing compliance challenges. “We built Cercli to replace multiple isolated systems with a singular, modern payroll and employee data platform. This empowers businesses to manage their local payroll, remote contractors, employer of record services, HR, and onboarding efficiently.”
Future Prospects
Cercli plans to use the newly acquired funds to enhance its product offerings. Additionally, it aims to accelerate its expansion into Saudi Arabia. Anamitra Banerji, Co-founder & Managing Partner at Afore Capital, noted the startup’s potential. He stated, “Cercli is addressing one of the region’s largest challenges—managing a global workforce while meeting compliance requirements. This investment reflects our belief in the MENA region’s untapped potential and the transformative impact of visionary founders like Akeed and David.”
With a solid team and a growing client base, Cercli is positioned to become a key player in the MENA region’s HR technology landscape.
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by k z | Sep 3, 2024 | Startups News
UAE-based fintech Ziina has raised $22 million in Series A funding. Led by US-based Altos Ventures, this investment also includes notable investors like Fintech Collective, Avenir Growth, Activant Capital, Y Combinator, FJ Labs, MEVP, and Jabbar Internet Group.
Expanding Financial Services
Founded in 2020 by Faisal and Sarah Toukan, Ziina quickly became a major financial player. The app allows users to send and receive payments using just a phone number, eliminating the need for IBANs or Swift Codes. Ziina launched its digital wallet in February 2022. Moreover, the new funding will help Ziina expand from a payment solution to a full-service financial provider. The upcoming ZiiCard will showcase this growth.
Navigating a Challenging Market
Despite a drop in global fintech funding from $144.2 billion in 2021 to $40.7 billion in 2023, Ziina’s success highlights its strong market position and investor trust. Over the past year, Ziina has achieved a tenfold revenue increase and a 34% month-on-month rise in customers. The recent acquisition of the SVF license from the Central Bank of the UAE further boosts its credibility.
Meeting SME Needs
Ziina serves 560,000 SMEs in the UAE, which make up over 94% of businesses and contribute about 60% of the GDP. While 77% of UAE SMEs have adopted digital payments, 50% still face finance and cash flow challenges. Ziina’s solutions, including payment gateways and POS systems, aim to address these issues and support growth.
Driving Innovation and Growth
The $22 million Series A funding will boost Ziina’s tech and innovations. The ZiiCard will streamline business payments, while new features will enhance personal expense management. Faisal Toukan, CEO and Co-Founder, noted, “Ziina’s strong SME demand, SVF license, and investor support will drive fintech evolution in the UAE and beyond.
Attracting Top Talent
Ziina has attracted talent from tech giants like Apple, Uber, Nubank, Klarna, Coinbase, Amazon, FundingCircle, and Yandex. With the new funding, Ziina will also add experts from Revolut and Nubank, who played key roles in scaling their companies to valuations of $45 billion and $70 billion.
by k z | Aug 29, 2024 | Startups News
Saudi Arabia is rapidly emerging as a global tourism hub. At the forefront of this transformation is the Tourism Development Fund (TDF), the national enabler of the tourism sector. Recently, TDF celebrated a significant milestone—the graduation of the first cohort of the “TDF Grow Accelerator” programme. This event, held at the KAFD Conference Centre in Riyadh, marked a pivotal moment in the Kingdom’s journey toward becoming a top global tourism destination.
A Milestone Event: The Demo Day
Firstly, the demo day was more than just an ordinary event. It served as a showcase of innovation and entrepreneurial spirit. The ceremony highlighted the accomplishments of 15 startups within the tourism space. Notably, this included 11 local startups and four regional and international projects. Each of these startups underwent a rigorous training and guidance process. Specifically, they participated in over 20 training sessions. These sessions equipped them with the necessary skills and knowledge to excel in the competitive tourism industry.
Investment Success: A Testament to Innovation
Moreover, the success of these startups extended beyond their participation in the programme. To date, they have collectively attracted investments exceeding $5 million (SAR 18 million). This impressive figure demonstrates the confidence investors have in these projects. It also underscores their potential to significantly impact the Kingdom’s tourism sector.
Leadership Acknowledgment: Commitment to Excellence
During the ceremony, TDF’s CEO, Qusai Al-Fakhri, delivered a powerful message through His Highness Prince Saud Bin Mohammed, Executive Director of TDF Grow. He emphasized how the TDF programs foster innovation and sustainable development in Saudi Arabia’s tourism sector. Additionally, he expressed immense pride in the startups’ achievements. He remarked, “We are proud of what these distinguished startups have accomplished during their journey within the TDF Grow Accelerator Programme.” This success reflects TDF’s unwavering commitment to supporting entrepreneurial ideas. It also highlights the importance of implementing the national tourism strategy effectively and reinforcing Saudi Arabia’s position as a global tourism destination.
The Journey: Accomplishments and Future Prospects
Furthermore, the ceremony provided a platform to review the programme’s accomplishments over several months. The 15 participating projects, including both local and international startups, showcased their contributions to creating added value within the Kingdom’s tourism sector. The event concluded with a presentation that highlighted the innovative tourism projects emerging from the programme. This presentation offered a glimpse into the future of tourism in Saudi Arabia.
TDF Grow Accelerator: Empowering the Future
It is important to note that the TDF Grow Accelerator Programme is more than just an initiative. It acts as a cornerstone in Saudi Arabia’s tourism development strategy. By empowering entrepreneurs in the tourism sector, TDF Grow provides essential support. It helps create innovative technical solutions, facilitates communication between startups and investors, and encourages the best tourism ventures to contribute to the Kingdom’s national tourism objectives.
In conclusion, as Saudi Arabia continues its journey toward becoming a leading global tourism destination, initiatives like the TDF Grow Accelerator will play a crucial role. The success of the first cohort is just the beginning. With continued support and investment, the Kingdom’s tourism sector is set for unprecedented growth.
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by k z | Aug 27, 2024 | Startups News
Waad Investment, a pioneering venture capital firm, has launched with a focus on empowering growth-stage startups in Saudi Arabia. The firm aims to bridge the financial gap faced by many startups and provide comprehensive support, including investment, mentorship, and guidance.
A Strategic Partnership
Waad Investment is led by Yaser AlGhamdi, a seasoned entrepreneur with a proven track record. Collaborating with the AlMajed and AlMisfer family offices, the firm brings together a wealth of experience and resources to support startups.
Waad Investment: Innovation and Growth
Waad Investment’s primary goal is to create an environment where startups can thrive. By providing both financial capital and strategic support, the firm aims to drive innovation and foster long-term success within the Saudi startup ecosystem.
A Catalyst for Change
Waad Investment’s establishment is a significant development for the Saudi startup landscape. The firm’s commitment to supporting growth-stage startups will undoubtedly contribute to the region’s economic growth and diversification.
