Saudi autotech Syarah raises $12 million from Impact46
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…
Saudi autotech startup Syarah has successfully raised $12 million in its latest funding round from Impact46, with the aim of expanding its online marketplace for new and used cars across the Kingdom. The undisclosed stage of the financing round will bolster Syarah's nationwide growth, as well as its ongoing enhancements to the digital platform and delivery services.
Established in 2015 by Salah Sharef and Fayez Alanazi, Syarah operates a comprehensive automotive marketplace that enables consumers to search for and buy both new and used vehicles online, with the option of having the chosen vehicle delivered directly to their location. In 2024, Syarah secured a significant $60 million Series C round led by Artal Capital, with additional support from Elm, Impact46, Tawuniya, and Derayah Ventures.
The eponymous press release highlighted Syarah's expansion into every region of Saudi Arabia, handling thousands of transactions and providing customers in non-major cities access to a broader selection of vehicles. The newly acquired capital will enable Syarah to reach more customers across the nation and further bolster its digital platform and delivery operations as it continues to grow and scale.
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