Syarah, the Riyadh-headquartered online cars marketplace founded in 2015 by Salah Sharef and Fayez Al-Anazi, has raised $60 million in a Series C round, MENABytes reports.
The round was led by Saudi investment firm Artal Capital. It was also joined by Elm, Impact46, Tawuniya, and Derayah Ventures. Elm and Impact46 previously co-led the $20 million Series B round of Syarah in 2021.
This latest round includes $20 million in debt from US-based Partners for Growth, one of the most active growth debt investors in the region. It takes Syarah’s total capital raised to date to over $82 million.
Syarah sells new and used cars through its online platform, with a Kingdom-wide doorstep delivery service. The used cars on the platform go through a comprehensive inspection offering users a detailed 200-point evaluation report. They come with a one-year warranty and the buyers also get a 10-day trial, with no questions asked return policy.
Last year, the startup opened a 55,000-square-foot facility dedicated to refurbishing and servicing used cars, aimed at streamlining operations and delivering a top-tier customer experience for buyers across the Kingdom.
Syarah claims to have sold over 20,000 cars to date. It plans to use the latest funds to further fuel its expansion and growth.
