– Syarah, an automotive e-commerce platform, raised SAR 225 million (USD 60 million) in a Series C round led by Artal Financial through its Artal Growth Opportunities Fund.

– The funds will bolster Syarah’s growth plans, reinforcing its leadership in Saudi Arabia’s used car market, where it has sold over 12,000 cars annually.

– Artal Financial and other prominent investors back Syarah’s innovative approach, which aligns with their strategy of supporting tech companies driving economic growth in Saudi Arabia and the GCC.

Syarah, an e-commerce platform in the automotive sales sector, has successfully concluded its Series C funding round, securing SAR 225 million (USD 60 million). The round was spearheaded by Artal Financial, an independent investment management firm headquartered in Riyadh, through its Artal Growth Opportunities Fund.

The funding attracted investment from several key players, including Elm Company, Impact46, Tawuniya Insurance, Derayah Ventures, and Yousef Al-Rasheedi (founder of Haraj.com). The total raised also comprises USD 20 million in Venture Debt from PFG.

This investment is the second by the Artal Growth Opportunities Fund, which targets emerging tech companies in Saudi Arabia and the GCC, with a goal of reaching SAR 500 million. This follows their investment in FlyAkeed last year.

The newly acquired funds will be allocated to further Syarah’s expansive growth strategies, reinforcing its dominant position in the Kingdom’s used car market. Since its inception in 2015, Syarah has transformed from a digital classifieds service into a full-fledged e-commerce platform, dedicated to enhancing the used car purchasing experience. The company has demonstrated remarkable growth, selling over 12,000 cars annually in the past two years.

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.”