Saudi Wealth Fund Leads Fundraising for Online Used Car Trader - Bloomberg:
A unit of Saudi Arabia’s sovereign wealth fund is leading a $35 million funding round for SellAnyCar.com as the Dubai-based online car trader plans to expand in the kingdom.
Sanabil Investments is backing the start-up’s latest fundraising, along with Gulf Investment Corp. and Olayan Financing Co., Chief Executive Officer Saygin Yalcin said in an interview. Evercore Inc. is advising SellAnyCar.com, he said.
“Expansion in Saudi Arabia is going to be the number one use for these funds, and this will really accelerate growth,” said Yalcin. “We will be twice as big in Saudi Arabia as we are in the United Arab Emirates in the next 18 months.”
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