Riyadh - Sharikat Mubasher: Syarah, the online car marketplace based in Saudi Arabia, secured over SAR 225 million (around $60 million) in a series C round, led by Artal Capital with participation from Elm, Impact46, Tawuniya, Derayah Ventures, and Yousef Al Rasheedi, Founder of Haraj.

The round included $20 million in debt from US-based Partners for Growth, the company announced in a statement.

Syarah will allocate the investments to fuel its expansion plans and solidify its business in the used cars market in the Kingdom.

Salah Sharef, Co-founder and CEO of Syarah, stated that the investments will enable the company to enhance the experience of buying used cars in the region.

Founded in 2015, Syarah aims to revolutionize the way used cars are bought by providing a seamless and reliable car buying experience, backed by a one-year warranty to ensure customers' convenience.