Saudi's Syarah raises $60 million Series C to grow its new and used cars marketplace
Summary
Riyadh-headquartered online cars marketplace Syarah has raised $60 million in a Series C round led by Saudi investment firm Artal Capital. Elm and Impact46 previously co-led the $20 million Series B round of Syarah in 2021.The latest round also includes $20 million in debt from US-based Partners for Growth, one of the most active growth debt investors in the region. It takes Syarahs total capital raised to date to over $82 million.Founded in 2015 by Salah Sharef and Fayez Al-Anazi, 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.
Funding
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