Saudi Car Marketplace Syarah Closes $60m Series C Led by Artal Capital
The online new- and used-car retailer raised SAR 225m ($60m), including a $20m venture-debt facility, to cement its lead in Saudi Arabia's used-car market.
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In September 2024, Riyadh-based Syarah closed a SAR 225m ($60m) Series C led by Artal Capital through its Growth Opportunities Fund, with participation from Elm, Impact46, Tawuniya, Derayah Ventures and Haraj founder Yousef Alrasheedi. The total included a $20m venture-debt facility from Partners for Growth.
Founded in 2015 by Salah Sharef and Fayez Al-Anazi, Syarah sells new and used cars online with inspection reports, a five-day money-back guarantee and warranties. It said it would use the capital to scale its used-car operations and reinforce its position as market leader.