Saudi digital solutions firm ELM has injected a new investment into Riyadh-based startup Syarah, the startup said without disclosing the amount.
ELM is a major information technology (IT) firm owned by the kingdom’s Saudi Public Investments Fund (PIF).
Partnership with the PIF’s subsidiary will contribute to reshaping the way of purchasing and selling vehicles in the kingdom, Syarah’s CEO Salah Sharef stated.
“The partnership with ELM will open up new opportunities for innovation for Syarah, and this will help in creating new services for facilitating car buy and selling in the kingdom,” chief marketing officer (CMO) Fayes Alanazi said.
In 2018, Syarah closed $2 million round of investment led by BECO Capital, as well as Raed Ventures and Vision Ventures.
Established in 2015 by Alanazi and Sharef, Syarah is an online marketplace for buying and selling cars in Saudi Arabia.
The Saudi startup owns over 20,000 active car listings for new and used vehicles, and provides various high-end services for car history reports.