A startup based out of Riyadh, Syarah, is an internet-based marketplace used for buying and selling used cars in Saudi Arabia. They recently finished a Series A funding round earning $2 million through investment led primarily by Middle East VC firms Raed Ventures, BECO Capital, and Vision Ventures. This marks the second round of investment for Syarah which began in 2015 by Saudi Arabian entrepreneurs Fayez Alanazi and Salah Sharef. They finished a seed money round of $600,000 also from BECO Capital and Raed Ventures in 2016.
Aiming to utilize the new funding to accelerate the platform’s expansion and growth, Syarah co-founder and CEO Salah Sharef says that the startup was launched with the intention of empowering consumers with online tools to help them search and find the car that they seek, and to give them the chance to make informed decisions in the car buying process, and making the car buying process as smooth and transparent as possible. In addition to merely listing cars, Syarah offers value-added services to help ease the process of buying cars- including providing Mojaz (car history reports), and also facilitating vehicle financing for interested buyers.
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