Car marketplace Syarah secures $20m to expand beyond KSA

Saudi Arabia-based online car marketplace Syarah has raised $20 million in its latest funding round, as the startup aims to expand its local and regional operations.

The company will use the new capital injection from the Series B round to “broaden its offerings,” as well as establish distribution centers across the Kingdom. It also plans to expand to new markets in the region.

“We have successfully sold more than 6,000 cars online so far, and with this new investment, we intend to significantly grow our inventory and sales over the next few months,” Syarah’s co-founder Salah Sharef said.

Founded in 2015, the startup operates an online platform for car shopping, where buyers can choose from a wide selection of cars, and have them delivered to their homes. In 2019, the platform started including used cars in their portfolio.

It has recorded over SR300 million ($800,000) in sales in a “very short period,” co-founder Fayez Al-Anazi said, owing to the startup’s “technology-focused model.”

The investment round was co-led by Impact 46 and Elm Co., with participation of Saudi Arabia’s United International Transportation Co., as well as Vision Ventures and angel investor Yousef Al-Rashidi.

“The platform is targeting a largely fragmented market in the Kingdom and it has created an opportunity by providing digital solutions that cater to the consumer trends, and facilitates the process of buying cars online,” Impact 46 Managing Partner Abdul Aziz Al-Omran said.