- Saudi Arabia-based Garage has raised $600,000 (SAR 2.25 million) from a group of local angel investors. This brings the company's valuation to $3 million (SAR 11.25 million).
- Founded by Osama AlSalloum in 2020, Garage digitises the services sector for cars. The startup claims to have registered a 5 per cent year-on-year growth rate.
- The fresh capital infusion will help Garage to expand its scope of services as well as augment its presence in new markets across KSA.
- According to Garage, the local auto service market is worth over $3 billion.
Garage, the platform specialised in digitising the express services sector for cars, announced an investment round (Seed) of 2.25 million Saudi riyals (600,000 US dollars), bringing the company's valuation to 11.25 million Saudi riyals (3 million US dollars). A round led by a number of angels investors.
Osama AlSalloum, founder and CEO of Garage, said: “In Garage, we are targeting a huge market whose size exceeds $ 3 billion, with an annual growth rate of more than 5%, In Garage, we aim to build a platform that works with the exist market and does not compete with it, as we aim to be a gateway for all traditional service providers to digitise their services and take a step forward towards their customers!”
He added, "We are proud of our investors and their great confidence in Garage. This investment will help us to expand our services provided to include additional valuable services to the consumer and also to target new markets in Saudi Arabia."
Moreover, Garage was established at the end of 2020 with the aim of changing the method of providing express services in the Kingdom, since then it achieved rapid growth in the volume of business till today.