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Online car marketplace Syarah raised USD 60 mn in a series C round, led by Artal Capital, with contributions from Tawuniya Ins., Derayah Ventures, Haraj’s founder Yousef Al Rasheedi, alongside existing investors Elm and Impact 46, according to a press release. US-based firm Partners for Growth (PFG) also contributed USD 20 mn via a venture debt facility. Syarah has raised USD 82 mn to date.
What we don’t know: Information about the equity investment each institution made, and the size of stake they received in return was not disclosed.
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Use of proceeds: “This investment will enable us to further enhance our value proposition in the fragmented used cars market. [Sayarah’s] 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,” said Syarah CEO Salah Sharef.
About Syarah: Founded in 2015 by Sharef (Linkedin) and Fayez Al Anazi (Linkedin), Syarah allows customers to buy new and used cars online with doorstep delivery as well as an inspection at no cost, a five-day money back assurance, and a one-year warranty. The company currently sells 12k cars a year.
