Syarah, a Saudi-based cars marketplace, has secured $60 million (225 million SAR) in a Series C funding round led by Artal Capital, with participation from Elm Company, Impact46, Derayah Ventures, Youssef Al-Rasheedi – the founder of Haraj, and PFG.

Why it Matters: This marks the second investment by Artal Fund for growth, following FlyAkeed, and brings Syarah closer to an IPO in the Saudi stock market.

More Details:

• Sayarah was founded in 2015 by Salah Alsharef and Fayez Alanazi.
• The platform started as an advertising platform for cars before expanding into selling new and used vehicles.
• $20 million of the funding round came as venture debt by PFG.
• This is the third time Impact46 has participated in Sayarah’s funding rounds and the second time for Elm.
• The company claims to sell over 12,000 cars annually.