Saudi Arabia’s automotive commerce platform Carly has secured a strategic investment from Pinnacle Growth & Secondary Fund, marking the fund’s first official investment in the startup sector. The financial terms of the transaction were not disclosed. The deal combines primary and secondary shares, giving Carly additional capital for growth while also providing flexibility around existing shareholder positions.
Founded in 2021 by Faisal Raza and Yousef Al-Hagbani, Carly is building a digital platform aimed at making the process of buying and selling cars in Saudi Arabia easier, faster and more transparent. The company has positioned itself beyond the traditional online classifieds model, seeking to bring more of the automotive transaction journey onto a single digital platform.
Building a Digital Car-Buying Experience
Buying a used car can involve navigating multiple disconnected steps, from finding and comparing vehicles to inspection, financing, paperwork and delivery. Carly is attempting to bring these elements together through technology and data-driven digital solutions.
The company’s platform facilitates automotive transactions while connecting customers with services surrounding the purchase process. Carly says its broader ambition is to build a new ecosystem for cars and services rather than simply operate another vehicle-listing marketplace.
Its own platform materials highlight services such as vehicle inspection, financing options and digital purchasing. Carly says used vehicles on its platform undergo a 150-point inspection and can come with a 12-month warranty and a seven-day return policy, positioning the company around trust and convenience as much as vehicle discovery. (Carly Blog)
Pinnacle’s First Startup Investment
For Pinnacle Growth & Secondary Fund, the transaction represents an important milestone. The fund described Carly as a high-quality growth company within Saudi Arabia’s automotive ecosystem and said the investment is intended to support its next phase of expansion and strengthen its market position.
The combination of primary and secondary shares is also notable. Primary capital provides funding directly to the company for expansion, while secondary transactions allow existing shareholders to sell shares. Pinnacle has adopted this flexible structure as part of its broader strategy for investing in growth-stage businesses.
Saudi Arabia’s Automotive Market Is Going Digital
Carly’s fundraising comes as Saudi Arabia’s automotive sector undergoes a broader digital transformation. Consumers increasingly expect the same convenience from major purchases that they already experience across other areas of e-commerce, including online discovery, transparent comparisons, digital payments and home delivery.
For Carly, that creates an opportunity to turn car buying from a fragmented process into a more integrated digital experience.
The new investment will support the company’s expansion, technology development and ability to deliver additional value to customers and automotive partners. Pinnacle also expects the investment to contribute to the development of Saudi Arabia’s technology and mobility ecosystem.
The Road Ahead
Carly’s ambition is ultimately larger than selling cars online. The company describes its vision as creating a next-generation automotive platform that combines vehicles with a broader range of services, effectively building a digital ecosystem around car ownership and transactions.
With Pinnacle Capital now backing the company, Carly enters its next phase with additional resources and an investor focused on growth-stage opportunities. For Saudi Arabia’s increasingly digital automotive market, the bigger question will be whether platforms like Carly can make buying and selling a car as seamless as buying almost anything else online.
