Syarah, a Saudi Arabia-based online car marketplace, has raised $20 million in a Series B funding round to enhance its platform offerings and expand into the MENA region.

Target Information

Saudi Arabia-based car marketplace Syarah has successfully secured $20 million in a Series B funding round, co-led by Impact46 and Elm Company, alongside participation from Budget (United International Transportation Co.), Vision Ventures, and Yousef Al-Rashidi, the founder of Haraj. Established in 2015 by Salah Sharef and Fayez Al-Anazi, Syarah enables consumers to purchase new cars online, with the added convenience of home delivery.

In 2019, Syarah expanded its offerings to include the sale of used cars, enhancing its service with benefits such as complimentary car inspection reports, a five-day money-back guarantee, and a one-year warranty. Syarah's sales have surpassed SAR300 million, encompassing over 6,000 cars sold online thus far.

Industry Overview in Saudi Arabia

The automotive industry in Saudi Arabia has experienced significant growth due to the increasing adoption of technology and a shift in consumer preferences towa