• Saudi Arabia-based autotech startup Syarah has raised $12 million in a new funding round from Impact46 to expand its online marketplace for new and used cars across the Kingdom. The stage of the round was not disclosed.
• Founded in 2015 by Salah Sharef and Fayez Alanazi, Syarah operates an online automotive marketplace that allows customers to browse and purchase new and used vehicles digitally and have them delivered to their location.
• The investment will support Syarah’s nationwide expansion, as well as the continued development of its digital platform and delivery operations. The company has not disclosed a detailed breakdown of how the capital will be deployed.
• In 2024, Syarah closed a $60 million Series C round, led by Artal Capital, with participation from Elm, Impact46, Tawuniya, and Derayah Ventures.

Press release:

Saudi online automotive marketplace Syarah has raised $12 million in a new investment from Impact46 to expand its presence across Saudi Arabia’s new and used car market. The company did not disclose the stage of the funding round.

Syarah operates a digital car-buying platform that enables consumers to browse new and used vehicles, complete much of the purchasing process remotely and have their selected vehicle delivered directly to them, reducing the need to visit a traditional dealership.

The company already serves customers across all regions of Saudi Arabia and has handled thousands of purchases, according to Arab Founders. Its model combines an online automotive marketplace with nationwide vehicle delivery, giving customers outside major cities access to a wider selection of vehicles.

The fresh capital will support Syarah’s efforts to reach more customers across the Kingdom and further develop its digital platform and delivery operations as it scales nationwide. The company has not provided a detailed breakdown of how the investment will be allocated.