Syarah.com, Saudi Arabia’s leading automotive vertical, secured a Series A investment of an undisclosed amount from Elm, a leading Saudi digital solutions company owned by Saudi Arabia’s Public Investment Fund. Majid bin Saad Alarifi, vice president of marketing at Elm, said that Elm will participate in equity capital and offer technical and practical expertise to Syarah. Syarah had raised $2 million in a previous round of Series A financing in May 2018.
Syarah received 930,000 site visits in February 2019, according to SimilarWeb. The company’s main rivals in the kingdom are Motory and YallaMotor.com, with 680,000 and 170,000 monthly site visits respectively. Syarah currently boasts 20,000 listings, including those of 400 active dealers, on its website and smartphone application. Since 2018, Syarah has sold approximately 500 cars, worth 25 million Saudi riyals ($6.7 million U.S). It also offers users car financing solutions to buy cars on installments through different banks and financing companies in Saudi Arabia, while providing the latest news on the car market in the kingdom, along with contact information for dealers.
According to Elm, Saudi Arabia is the largest auto market in the Middle East, with over 40 percent of all vehicles sold in the region.