Syarah secures $2M in Funding
Riyadh-based startup Syarah closed a new Series A round of $2M in investment led by BECO Capital, Raed Ventures and Vision Ventures. This is the second round of investment in Syarah, with the first being raised in 2016.
Syarah, founded in 2015 by Salah Sharef and Fayez Alanazi, is an online marketplace for buying and selling cars in Saudi Arabia. In addition to car listings, Syarah offers a variety of value added services to help facilitate the process of buying cars, including providing Mojaz car history reports (Saudi version of CarFax), as well as facilitating car financing.
The platform attracts more than 1.7 million visits every month and has more than 17 thousand active car listings of both new and used cars, making it the leading cars listing platform in the country.
More than 400 dealers across the country and thousands of individual users have listed their cars on the platform and around 400 cars per year are being financed on the platform, with a combined gross value of more than 20 million SAR.
Saudi Arabia is the largest auto market in the Middle East, accounting for an estimated 40 percent of all vehicles sold in the region. The country has also imported approximately 1 million vehicles in 2016 alone.
Mr. Salah, CEO and cofounder of Syarah said, "Syarah is on a mission to disrupt and reshape the way cars are bought and sold in the region. We are planning to use the new funding to accelerate our expansion and growth.”