Sayara Raises $60 Million
online Car Marketplace Sayara Secures $60 Million Funding Round
About the Funding Round
Sayara, a Riyadh-based online car marketplace, has successfully closed a $60 million Series C funding round, led by Saudi investment firm Artal Capital. Additionally, Elm, Impact 46, Tawuniya, and Derayah Ventures also joined the round.
The round also included $20 million in debt from US-based Growth Partners, a renowned growth debt investor in the region, bringing Sayara’s total capital raised to date to over $82 million.
About Sayara
Founded in 2015 by Salah Sharif and Fayez Al-Enezi, Sayara enables users to buy and sell new and used cars online, with delivery services spanning across the Kingdom. For used cars, Sayara conducts a comprehensive inspection and provides a detailed 200-point evaluation report to assist users in making informed decisions.
New and used cars sold through the platform come with a one-year warranty and are backed by a 10-day trial period with a no-questions-asked return policy, instilling confidence in buyers across the Kingdom.
In 2022, the startup expanded its operations by opening a 55,000-square-foot facility dedicated to refurbishing and maintaining used cars. This facility aims to streamline operations and provide an enhanced customer experience for buyers. Sayara claims to have sold over 20,000 cars to date, with plans to leverage this latest funding to further propel its expansion and growth initiatives.
Conclusion
Sayara’s success in securing significant funding from reputable investors speaks to the company’s rapid growth and potential for sustained expansion. With a customer-centric approach and comprehensive online platform, Sayara aims to solidify its position as a leading player in the Middle Eastern car buying and selling market.
Frequently Asked Questions
Q: What is the total capital raised by Sayara to date?
A: The company has raised over $82 million in capital from various funding rounds.
Q: What services does Sayara offer for used cars?
A: Sayara provides used cars with a comprehensive 200-point evaluation report and a one-year warranty.
Q: Can customers return or exchange cars they purchase on the platform?
A: Yes, Sayara’s return policy allows buyers to return or exchange cars with a no-questions-asked guarantee for up to 10 days from purchase.