Leading online marketplace for auto trading, Syarah, has successfully raised over SAR225 million ($60 million) in its most recent Series C round from a group of investors. Artal Capital, an investment management company with its headquarters in Riyadh, spearheaded the round with its Artal Growth Opportunities Fund. Elm, Impact46, Tawuniya Insurance, Derayah Ventures, and Yousef Alrasheedi (founder of Haraj) were among the other prominent investors who took part in the round. A US$ 20 million venture debit facility from PFG was included in the total amount raised.
This is the second investment made by Artal Growth Opportunities Fund, a private equity fund that made an investment in FlyAkeed the previous year and has a target fund size of SAR 500 million. The fund seeks to support high-growth, technology-enabled companies in Saudi Arabia and the GCC.
The money will be used to support Syarah’s aggressive expansion goals and maintain its position as the industry leader in the used automobile market in Saudi Arabia. With a strong emphasis on improving the used-car buyer’s journey, Syarah has developed from a platform for car classified ads to a full-featured e-commerce solution since its founding in 2015. Over the previous two years, Syarah saw notable growth and is now selling over 12,000 cars annually.
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, also commented:
“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.”
