Riyadh, Saudi Arabia: Saudi Arabia-based automotive technology startup Syarah has raised $12 million in a new investment round from Impact46 to accelerate the expansion of its digital marketplace for new and used vehicles across the Kingdom. The stage of the funding round was not disclosed.
Founded in 2015 by Salah Sharef and Fayez Alanazi, Syarah operates an online automotive marketplace that enables customers to browse and purchase new and used vehicles digitally, complete much of the buying process remotely, and have their vehicles delivered directly to their location.
The company’s digital-first model aims to simplify the car-buying experience while giving customers across Saudi Arabia access to a wider selection of vehicles without relying solely on traditional dealership visits.
The fresh capital will support Syarah’s nationwide expansion, as well as further development of its digital platform and vehicle delivery operations. The company has not disclosed a detailed breakdown of how the funds will be allocated.
Syarah has previously attracted significant institutional investment. In 2024, the company closed a $60 million Series C round led by Artal Capital, with participation from Elm, Impact46, Tawuniya, and Derayah Ventures.
The latest investment from Impact46 comes as Saudi Arabia’s automotive sector continues to see growing adoption of digital platforms, with online marketplaces playing an increasing role in vehicle discovery and purchasing.
