KSA Car Marketplace Syarah Raises $20M to Expand Reach & Services
Since launching in 2015, the startup has made strides in transforming the way in which new and used cars are purchased in KSA.
Saudi Arabia-based online car marketplace, Syarah, has raised $20 million in a Series B round co-led by Impact46 and Elm company and channelled into broadening the platform’s services, improving the quality of their offering and expanding into new markets in the region. The investment round also saw 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, a team with extensive experience in the automotive and e-commerce industries, Syarah seeks to disrupt the industry by transforming how cars are being purchased in Saudi Arabia. The startup offers an online platform for buying used and new cars and delivers them directly to customers’ doorsteps. The platform boasts over 2,300 new and used cars, each of which comes with an inspection report, a five-day-money-back guarantee and a one-year warranty.
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