Syarah Platform Closes Series C Funding Round with SAR 225 Million Led by Artal Financial
Syarah, the e-commerce platform in the automotive sales sector, has successfully closed a Series C funding round, raising SAR 225 million (equivalent to USD 60 million). The round was led by Artal Financial, an independent investment management firm based in Riyadh, through the Artal Growth Opportunities Fund, with participation from prominent investors including Elm Company, Impact46, Tawuniya Insurance, Derayah Ventures, and Yousef Al-Rasheedi (founder of Haraj.com). The total amount raised includes a Venture Debt of USD 20 million from PFG.
Strategic Investment to Boost Syarah’s Growth
This investment marks the second by the Artal Growth Opportunities Fund, which aims to invest in growing tech companies in Saudi Arabia and the GCC region, with a target fund size of SAR 500 million. This follows their previous investment in FlyAkeed last year.
The proceeds from this funding round will be used to support Syarah’s ambitious growth plans, further solidifying its leading position in the used car market in the Kingdom. Since its founding in 2015, Syarah has evolved from a digital classifieds platform into a comprehensive e-commerce platform, focusing on enhancing the car-buying experience for customers in the used car market. The company has achieved significant growth over the past two years, selling over 12,000 cars annually.
Statements on the Investment and Syarah’s Market Role
Salah Alsharif, CEO and co-founder of Syarah, commented: “We are delighted to receive support from esteemed investors led by Artal Financial. We aspire for this investment to enable us to continue our journey in improving the car-buying experience in the region and enhancing our added value in the used car market. Our operational success in sourcing inventory, inspecting used cars, reconditioning them, and presenting them online has elevated the standard of the used car sales sector. With this new investment, we aim to expand and further improve our services.”
Rayan Al-Rashid, CEO of Artal Financial, added: “Syarah’s innovative approach to the used car market aligns perfectly with our investment strategy. We see great potential in the company’s business model, and we are confident that our investment will help the company reach new heights. This funding round reflects our commitment to supporting tech companies that drive economic growth and create significant value in Saudi Arabia and the GCC region.”
Wassim Makhl, Head of Alternative Investments at Artal Financial, concluded: “We are proud to support Syarah at this new stage of growth. Their ability to integrate technology with traditional car sales processes has not only improved efficiency but also increased customer satisfaction. We look forward to seeing Syarah continue to innovate and lead in the market.”
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