Syarah Secures $60 Million in Series C Funding to Fuel Expansion in Saudi Used Car Market

Syarah, an online platform for car sales, has successfully secured $60 million in a Series C funding round, led by Artal Financial through its Artal Growth Opportunities Fund. Artal Financial, based in Riyadh, led the investment round, which also saw participation from prominent investors such as Yousef Al-Rasheedi, founder of Haraj.com, Elm Company, Impact46, Tawuniya Insurance, and Derayah Ventures. The total amount raised includes $20 million in venture debt from PFG.

The Artal Growth Opportunities Fund, which focuses on investing in digital companies across Saudi Arabia and the broader GCC region, has so far made two investments and aims to reach a fund size of SAR 500 million. This latest investment will support Syarah in executing its ambitious expansion plans and solidifying its leadership in the Kingdom’s used car market.

Syarah's CEO and co-founder, Salah Alsharif, expressed his gratitude for the investment, stating that it will help the company continue to enhance the car-buying experience and further improve the quality of its services in the used car sector.

Source: Startup Rise Asia