Riyadh, KSA — Syarah, a leading e-commerce platform in Saudi Arabia’s automotive sales sector, has successfully closed a Series C funding round, securing SAR 225 million (USD 60 million). The funding was led by Artal Financial through its Artal Growth Opportunities Fund, with additional backing from prominent investors including Elm Company, Impact46, Tawuniya Insurance, Derayah Ventures, and Yousef Al-Rasheedi, founder of Haraj.com. The round also included a USD 20 million venture debt facility from Partners for Growth (PFG).
Boosting Syarah’s Expansion
This marks the second investment by the Artal Growth Opportunities Fund, which targets high-growth tech companies in Saudi Arabia and the GCC. Artal’s previous investment was in FlyAkeed last year, and the fund has a target size of SAR 500 million.
Proceeds from the funding round will be used to support Syarah’s aggressive growth strategy, aiming to solidify its dominant position in the Kingdom’s used car market. Since its inception in 2015, Syarah has transitioned from a digital classifieds platform to a full-scale e-commerce service, revolutionizing the customer car-buying experience. Over the past two years, the platform has witnessed rapid expansion, selling more than 12,000 cars annually.
Investor and Leadership Insights
Salah Alsharif, CEO and co-founder of Syarah, expressed his excitement over the investment, saying, “We are thrilled to receive backing from such esteemed investors led by Artal Financial. This funding will empower us to continue improving the car-buying experience across the region and reinforce our value proposition in the used car market. Our operational success—sourcing, inspecting, and reconditioning used cars—has set a new standard in the industry. With this new capital, we will further expand and elevate our services.”
Artal Financial’s CEO, Rayan Al-Rashid, highlighted Syarah’s strategic fit within their portfolio: “Syarah’s innovative approach to the used car market aligns seamlessly with our investment strategy. We believe in the immense potential of their business model and are confident this funding will propel the company to new heights. Our investment underscores our commitment to supporting tech companies that drive economic growth in Saudi Arabia and the GCC.”
Wassim Makhl, Head of Alternative Investments at Artal Financial, added: “We are proud to support Syarah in this next phase of growth. Their ability to blend technology with traditional car sales processes has enhanced both efficiency and customer satisfaction. We look forward to witnessing their continued innovation and market leadership.”
Future Outlook
The latest investment is a significant boost for Syarah as it continues to lead the transformation of the used car sales sector in the Kingdom. With a focus on technology integration and customer-centric services, Syarah is set to maintain its upward trajectory, expanding its reach and further innovating in the automotive e-commerce space.
About Syarah:
Founded in 2015, Syarah has evolved into Saudi Arabia’s leading e-commerce platform for used cars, offering a seamless digital car-buying experience. The platform is recognized for its end-to-end services, including car sourcing, inspection, reconditioning, and online presentation, making it a trusted option for consumers in the Kingdom.
About Artal Financial:
Artal Financial is an independent investment management firm based in Riyadh, dedicated to supporting high-growth companies across Saudi Arabia and the GCC through its Artal Growth Opportunities Fund. The firm is focused on investments in technology, innovation, and companies that drive economic growth in the region.
