Saudi digital solutions company Elm participated in the series A+ round of financing for Syarah, a digital platform for buying and selling cars in Saudi Arabia.
Majid bin Saad Alarifi, vice president of marketing at Elm, said: “This investment is in line with the company’s strategy to invest in pioneering and financially rewarding companies through our investment entity at Elm; we aim to support the technical companies and entrepreneurs in their early stages of expanding their business.”
Alarifi said that Elm will participate in equity capital and offer technical and practical expertise to Syarah.
He said that Elm will continue to encourage innovation by investing in entrepreneurs, which in turn will contribute to Elm’s growth in the market.
Founders of Syarah Salah Sharef and Fayez Alenazi said the digital platform aims to revolutionize the concept of buying and selling cars in the Kingdom by making the process easier and safer. The partnership with Elm, they said, would significantly improve Syarah’s products and services.
Syarah offers an integrated website and smartphone application for the sale and purchase of cars in Saudi Arabia. It also provides information on the latest offers on new and pre-used cars from auctions and car exhibitions in the Kingdom. The app provides contact information of car showrooms and exhibitions so that prospective buyers can directly contact them.
Syarah attracts more than 2 million visitors per month, making it the largest electronic car market in the Middle East that ranks 15th in the world.
Elm is a joint-stock company owned by the Public Investment Fund (PIF). It specializes in the development of customer-centric solutions through omni-channel platforms that include digital services, training, consulting solutions, IT solutions, in addition to providing support services to various organizations.