Saudi Car Services Startup Carefer Raises $2.9M Pre-Series A Round

Carefer, a Saudi Arabia-based car services startup, has raised $2.9 million in a Pre-Series A round led by Elm, a digital solutions company, alongside Merced and Sarh funds.

Founded in 2017, Carefer aims to digitize car service solutions. Through its application, it is able to provide maintenance and care services to individuals and businesses.

"Carefer is a promising opportunity to pioneer technology solutions in car maintenance and repair,” Abdelmajid Elmobred, CEO of Carefer tells StartupScene. “We have been able to build a premium brand with great competitive partnerships in both the commercial and government sectors over the last few years. Carefer had a crucial role in resolving a problem that affected both individual car owners and businesses.

“We have achieved a number of strategic partnerships with various local and international companies to serve the sector,” Elmobred adds. “This tour will contribute to the development of Carefer to drive the achievement of its strategic objectives, starting from attracting competencies to grow in providing our services to individual and corporate customers, and expanding the Carefer Fleet system."

The new funding will be used to expand the startup’s operations across The Kingdom and further enhance its operations.

The Saudi startup ecosystem has been booming last year. In 2022, the country attracted almost $1 billion, a 72% increase compared to 2021, according to the Saudi Arabia Venture Investment Report by Magnitt. The record funding is in line with the Saudi 2030 Vision to grow its tech and digital landscape in the region.