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KSA Car-sharing Startup Sharik Raises $666K via Crowdfunding

The startup will use the funding to develop its app ahead of its scheduled launch in December.

Saudi Arabian car-sharing startup, Sharik, has successfully raised SAR 2.5 million ($666,000) through online crowdfunder Scooper, with the aim of developing its app ahead of its launch in December.

The new funds will be used to grow the Sharik team as it gears up to provide a community-based car-sharing service across Saudi Arabia.

The app currently has over 68,000 registered users and is seeking to refine its operation in response to programming and performance challenges.

With an estimated post-funding valuation of SAR 11.91 million ($3.175 million), founder Jamal Al Bugmi hopes to use Sharik to directly connect car owners with renters, allowing them to borrow and lend from a range of over 1,000 vehicle brands and models.

Sharik is the first local car sharing app to obtain a licence from Saudi’s Public Transport Authority, though the Saudi car rental startup scene has been growing considerably over the past year. Sharik expects a continuation of this trend, projecting 2.5 percent annual growth for the industry growth between 2021 and 2022.