Syarah Raises SAR 225 Million in Series C Round

The Syarah platform has successfully attracted over SAR 225 million (US$60 million) in an investment round (Series C). The round was led by Artal Financial Company through the Artal Growth Opportunities Fund, with participation from Elm, Impact46, Cooperative Insurance, Derayah Ventures, and Haraj.com founder Yousef Al-Rashidi, founder of Haraj.com, participated.

The investment also included bold debt worth US$20 million from PFG; Impact46 and Elm followed up with an investment round worth SAR 75 million in 2021, after a round through Impact46 and a number of investors in 2020.

With this investment, Syarah plans to strengthen its expansion plans and solidify its position in the Kingdom's used car market; since its founding in 2015, the company has evolved from a mere digital advertising platform to a fully integrated e-commerce system.

Salah Sharef, CEO and co-founder of Sayarah, expressed his delight at the investors' support, stressing that the investment will allow the company to continue developing the car buying experience in the region, especially in the used car market.