Saudi car platform Syarah revs up with $20 mn; UAE’s Hala raises Series A

 Saudi car platform Syarah revs up with $20 mn; UAE’s Hala raises Series A

Saudi Arabia-based car marketplace Syarah has secured $20 million in a Series B round co-led by Impact46 and Elm.

The two lead investors were joined by United International Transportation Co., Vision Ventures, and Haraj founder Yousef Al-Rashidi.

Founded in 2015 by Salah Sharef and Fayez Al-Anazi, Syarah allows its consumers to buy new cars online and have it delivered to their doorstep.

In 2019, Syarah started selling used cars as well, accompanied by a free car inspection report, a five-day money-back guarantee and a one-year warranty.

The company said it will use the funding to broaden the offering on its platform, expand its reach beyond Saudi Arabia and into the Middle East and North Africa (MENA) region, and to improve the quality of its services on offer.

The startup claims to have sold 6,000 cars online thus far, with a top line number exceeding SAR300 million ($80 million).

Hala Insurance

Abu Dhabi-based insurtech app Hala has closed a $5 million Series A funding round led by Entrée Capital.

Entrée Capital was joined by Mubadala Investment Company, EQ2 Ventures, Global Founders Capital, 500 Startups, and the Hambro Perks Oryx Fund.

The startup says it plans to use the funding to offer new products including home insurance and to grow its platform in the Middle East region, beginning with Saudi Arabia.

Launched in 2016, Hala started out by using blockchain to reconcile payments between motor insurance companies in the UAE. Last year, it entered the insurtech market, as a result of the coronavirus pandemic, which fuelled health insurance spends.

Aman Malik

The Capital Quest