Riyadh-Based Car Marketplace Syarah Raises $60 Million in Series C

Riyadh-headquartered online car marketplace Syarah has raised $60 million in a Series C funding round led by Saudi investment firm Artal Capital. The round also saw participation from Elm, Impact46, Tawuniya and Derayah Ventures, bringing the total capital raised by Syarah to over $82 million.

Founded in 2015 by Salah Sharef and Fayez Al-Anazi, Syarah sells new and used cars through its online platform, offering a Kingdom-wide doorstep delivery service. The used cars on the platform undergo a comprehensive inspection, with a detailed 200-point evaluation report provided to users. These vehicles come with a one-year warranty, and buyers benefit from a 10-day trial period with a no-questions-asked return policy.

In 2023, Syarah opened a 55,000-square-foot facility dedicated to refurbishing and servicing used cars, aimed at streamlining operations and enhancing the customer experience across the Kingdom.

To date, Syarah has sold over 20,000 cars. The startup plans to use the latest funds to further fuel its growth and expansion.