• Saudi Arabia-based peer-to-peer carsharing app Sharik, has successfully closed a SAR2.5 million ($666,000) financing round via crowdfunding platform Scopeer. 
•  It plans to use the funding to grow its team as well as continue developing the app, which is set to launch in December this year.

Saudi Arabia-based peer-to-peer carsharing app Sharik, has successfully closed a SAR2.5 million ($666,000) financing round via crowdfunding platform Scopeer. 

The company's post-funding valuation is pegged at SAR11.910 million. It plans to use the funding to grow its team as well as continue developing the app, which is set to launch in December this year.

Founded by Jamal Al Bugmi, Sahrik connects car owners directly with renters. The app currently has over 68,088 users, and 170 cars listed on its platform.  Sharik is the first local carsharing app to be officially licensed by the Public Transport Authority.

The Saudi car rental industry has been considerably growing over the past year, with startups entering the scene looking to digitise the car rental process while enabling car owners to make extra income. According to Sharik, the Saudi car rental industry is projected to grow by 2.5 per cent annually in 2021 and 2022.