Saudi Arabia-based autotech company Syarah has successfully secured $60 million in a Series C funding round, spearheaded by Artal Capital, with participation from Elm, Impact46, Tawuniya, and Derayah Ventures. This new funding brings Syarah’s total capital raised to over $82 million.
Founded in 2015 by Salah Sharef and Fayez Al-Anazi, Syarah provides an online platform where customers can purchase new cars and have them delivered directly to their homes. In 2019, the company expanded its offerings to include used cars, providing buyers with a free vehicle inspection report, a five-day money-back guarantee, and a one-year warranty for added peace of mind.
The fresh capital will be directed toward further expanding Syarah’s operations and fueling its continued growth. The recent round, which amounts to more than SAR225 million ($60 million), saw significant contributions from Artal Capital’s Growth Opportunities Fund, alongside key investors such as Elm, Impact46, Tawuniya Insurance, Derayah Ventures, and Yousef Alrasheedi, the founder of Haraj. The total funding also included a $20 million venture debt facility from PFG.
This marks the second investment by Artal Growth Opportunities Fund, a private equity fund designed to support fast-growing, tech-driven companies in Saudi Arabia and the GCC region. The fund, which aims to raise SAR500 million, previously invested in FlyAkeed.
The new funding will help Syarah advance its ambitious expansion plans and strengthen its leadership position in Saudi Arabia’s used car market. Since its launch, Syarah has evolved from a simple car classified ads platform into a comprehensive e-commerce solution, particularly focusing on improving the customer experience in the used car market. Over the past two years, the company has seen significant growth, selling more than 12,000 cars annually.
Salah Sharef, CEO and Co-Founder of Syarah, expressed his excitement about the investment, saying: “We are honored to have the support of such distinguished investors, led by Artal Capital. This funding will allow us to further improve our offerings in the fragmented used car market. Our success in sourcing, inspecting, reconditioning, and selling cars online has set a new standard in the industry, and we are now poised to expand even further.”
Rayan Alrasheed, CEO of Artal Capital, also commented on the investment: “Syarah’s innovative approach to the used car market aligns perfectly with our investment strategy. We believe in their business model’s potential and are confident our investment will help Syarah achieve new milestones. This round of funding underscores our commitment to supporting tech-driven companies that contribute to economic growth in Saudi Arabia and the broader GCC region.”
Wassim Moukahhal, Head of Alternative Investments at Artal Capital, added: “We are excited to back Syarah in this next stage of its journey. Their integration of technology with traditional car sales processes has increased efficiency and enhanced customer satisfaction. We look forward to seeing how they continue to innovate and lead in this market.”
