Syarah, a Saudi Arabian online automotive marketplace, has raised $12 million from Impact46, according to Arab Founders. The company did not disclose the funding round's stage. The investment will support Syarah's expansion across Saudi Arabia's new and used vehicle market.
Founded in 2015 by Salah Sharef and Fayez Alanazi, Syarah operates a digital platform that allows customers to browse and purchase new and used vehicles remotely and have them delivered to their location. The company serves customers across all regions of Saudi Arabia and has handled thousands of purchases, according to Arab Founders.
Syarah's model combines an online marketplace with nationwide vehicle delivery, reducing the need for customers, particularly those outside major cities, to visit traditional dealerships. The company has not provided a detailed breakdown of how the new capital will be deployed.
In 2024, Syarah closed a Series C round of $60 million led by Artal Capital, with participation from Elm, Impact46, Tawuniya, and Derayah Ventures. The company did not disclose how the latest $12 million will be allocated between platform development and expansion efforts.
