Syarah raises $20 million in Series B round

Syarah raises $20 million in Series B round

Saudi Arabia-based car marketplace Syarah has secured $20 million in a Series B round co-led by Impact46 and Elm company, with participation from Budget (United International Transportation Co.), Vision Ventures, and Yousef Al-Rashidi, the founder of Haraj.

Founded in 2015 by Salah Sharef and Fayez Al-Anazi, Syarah allows its consumers to buy new cars online and have it delivered to their doorstep. In 2019, Syarah started selling used cars as well, accompanied by a free car inspection report, a five-day money-back guarantee and a one-year warranty.

Sales on Syarah have exceeded SAR300 million through selling 6,000 cars online so far.

The new investment round will enable Syarah to broaden its platform’s offering, improve the quality of the services and expand to new markets across Mena.

Press release:

The leading online car marketplace Syarah, secured $20 million (SAR75 million) for its Series B investment round co-led by Impact46 and Elm company. The investment round aims to broaden the platform’s offering, improve the quality of the services and expand to new markets across the region. The investment round included participation from Budget (United International Transportation Co.), Vision Ventures, and Yousef Al-Rashidi, the founder of Haraj.

Founded back in 2015 by Salah Sharef and