Syarah Closes a SAR 225 million (USD 60 million) Series C Round led by Artal Capital
Riyadh, KSA: Syarah, leading car trading e-commerce platform, has successfully raised more than SAR 225 million (USD 60 million) from a group of investors in its latest Series C round. The round was lead by Artal Capital, a Riyadh-based investment management firm, through Artal Growth Opportunities Fund. Other notable investors who participated in the round included Elm, Impact46, Tawuniya Insurance, Derayah Ventures, and Yousef Alrasheedi (founder of Haraj). The total amount raised included a US$ 20 million venture debit facility from PFG.
This marks the second investment by Artal Growth Opportunities Fund, a private equity fund which aims to support high-growth, technology-enabled companies in Saudi Arabia and the GCC region with a target fund size of SAR 500 million, following its investment in FlyAkeed last year.
The funding proceeds will be utilized to fuel Syarah’s ambitious growth plans, solidifying its position as the market leader in the Saudi used cars market. Since its inception in 2015, Syarah has evolved from a classified ads platform for cars to a comprehensive e-commerce offering with a strong focus on enhancing the customer purchasing journey in the used-car market. Syarah achieved significant growth over the past two years, and currently sells more than 12 thousand cars per year.
Commenting on the investment, Salah Sharef, CEO and Co-Founder of Syarah, said:
“We are thrilled to have the backing of such esteemed investors led by Artal Capital. This investment will enable us to further enhance our value proposition in the fragmented used cars market. Our operational success in cars sourcing, inspection, reconditioning, and online sales have already set a new benchmark in the industry, and with this funding, we aim to expand our reach and improve our services even further.”
Rayan Alrasheed, CEO of Artal Capital, added:
“Syarah’s innovative approach to the used car market aligns perfectly with our investment strategy. We see tremendous potential in their business model and are confident that our investment will help Syarah scale to new heights. This funding round is a testament to our commitment to supporting tech-enabled companies that drive economic growth and create significant value in Saudi Arabia and the wider GCC region.”
Wassim Moukahhal, Head of Alternative Investments at Artal Capital, also commented:
“We are excited to support Syarah in this next phase of growth. Their ability to combine technology with traditional car sales processes has not only improved efficiency but also enhanced customer satisfaction. We look forward to seeing Syarah continue to innovate and lead in the market.”
About Syarah
Syarah, launched in 2015, is the largest online automotive marketplace in Saudi, offering the richest selection of new and used cars. Covering all major cities and regions across the Kingdom, providing customers with a seamless experience whether they’re looking to buy with cash or through financing options. With a commitment to transparency, all vehicles come with detailed inspection reports, a 10-day money-back guarantee, and a 1-year warranty. Focusing increasingly on selling used cars with the best financing options Syarah aims to establish a brand in the fragmented used cars market, where most businesses are traditionally run, filling the significant gap in tech and quality offerings. Syarah is transforming the way individuals and businesses buy and sell cars, combining convenience, choice, and trust in every transaction. As for OEMs and car distributors, Syarah serves as a strategic partner, offering a cutting-edge platform to expand market reach, boost brand visibility, and accelerate sales through advanced digital capabilities.
About Artal Capital
Artal Capital is a Saudi Capital Market Institution licensed by the Capital Market Authority (CMA) to provide investment management services. With its main office in Riyadh and more than SAR 2.7 billion in assets under management, Artal Capital is dedicated to identifying and investing in lucrative opportunities across Public Markets and Private Markets, aiming to deliver superior returns for its clients.
