Syarah, a Riyadh-based online marketplace for cars, has successfully raised $60 million in a Series C funding round. The round was led by Saudi investment firm Artal Capital, with participation from Elm, Impact46, Tawuniya, and Derayah Ventures. Notably, Elm and Impact46 had previously co-led Syarah’s $20 million Series B round in 2021.
The recent funding also includes $20 million in debt financing from US-based Partners for Growth, a prominent growth debt investor in the region. With this latest capital infusion, Syarah’s total funds raised now exceed $82 million.
Established in 2015 by co-founders Salah Sharef and Fayez Al-Anazi, Syarah offers a comprehensive online platform for buying new and used cars, along with a Kingdom-wide doorstep delivery service. The used cars listed on the platform undergo a thorough inspection process, resulting in a detailed 200-point evaluation report. In addition, they come with a one-year warranty, and buyers are provided with a 10-day trial period, supported by a no-questions-asked return policy.
To enhance its operations and customer experience, Syarah launched a 55,000-square-foot facility last year dedicated to refurbishing and servicing used cars. This facility aims to streamline operations and ensure a premium buying experience for customers across Saudi Arabia.
To date, Syarah claims to have sold over 20,000 cars. The company intends to use the newly secured funds to drive further expansion and growth, cementing its position as a leader in the region’s online car marketplace.
