Carefer Closes Its 2nd Investment Round (Pre-Series A)

Published on 06 February, 2023

Carefer, the company specializing in digital solutions for vehicle care and maintenance services, announced the closing of its second investment round (Pre-Series A) with a value of 11 million Saudi Riyals, led by the Fund of Elm, a leading digital solutions company, with the participation of both the Merced Fund and the Sarh Fund.

Carefer was established in 2017, based on the local market’s need for digital solutions in the vehicle maintenance sector, as it provides all care and maintenance services to individuals and companies through an application on smartphones. It also launched the Carefer Fleet system, which contributes to the efficient management of vehicle fleet maintenance, to improve its performance and reduce its operating expenses.

According to the company, its vision aims to develop vehicle care and maintenance services, and it seeks in its strategic plan to expand its operations to various regions of the Kingdom, due to its high potential and tremendous growth in digital transformation processes.

In this regard, Chief Executive Officer Abdulmajeed Al-Mubarrad said: “Carefer is a promising opportunity to lead technical solutions in the maintenance and repair of vehicles. During the past period, we have been able to build a leading brand that enjoys close strategic relations, with both the private and public sectors. Carefer had a major role in solving a problem car owners and companies were suffering from”.

For his part, he said: “We have achieved several strategic partnerships with various local and international companies to serve the sector, and this round will contribute to the development of Carefer and push the wheel to achieve its strategic objectives, starting with attracting talents to grow in providing our services to individual and corporate clients, and expanding the Carefer Fleet system”.

Saleh Shahini, the Chief Commercial Officer, commented: “Growth in Carefer requires a balance between supply and demand, to win the satisfaction of both parties from service providers and customers so that the growth movement can flourish without operational obstacles. Therefore, Carefer has one of the largest maintenance and repair networks in the Kingdom, and it has grown in 2022 to cover more than 28 regions, through 1,750 service points. As for customers, the number of our customers is multiplying periodically, so we have expanded to serve fleet-owning entities from the public and private sectors.

This expansion of vehicle maintenance services reflects a model of renewed innovation in technology to facilitate a unique experience for customers, which enables them to reach maintenance service providers easily and smoothly, through one comprehensive and integrated application effortlessly.”