Saudi Arabia's Pinnacle Growth & Secondary Fund has invested in Carly, a Saudi automotive commerce platform, through a transaction combining primary and secondary shares. The financial terms were not disclosed, but the move is intended to support Carly's next phase of growth. Carly previously closed a $1 million investment round in 2023, reflecting its earlier progress in the Kingdom's evolving automotive market.
Flexible Investment Structure
Saudi Arabia's Pinnacle Growth & Secondary Fund has structured its investment in Carly through a combination of newly issued primary shares and the transfer of existing secondary shares. This structure allows the investor to provide fresh capital to the company while also acquiring a stake from current shareholders. The flexible approach reflects Pinnacle's broader strategy of supporting growth stage companies that already demonstrate a proven operating model.
Investor Profile
Pinnacle Capital is a Saudi investment company headquartered in Riyadh and licensed by the Capital Market Authority to conduct investment management and securities arranging activities. The firm focuses on investing in growth stage companies using flexible investment structures. Its investment in Carly forms part of this strategy and supports the development of the Kingdom's technology and mobility ecosystem.
Platform Built for a Changing Market
Founded by Faisal Raza, Carly operates a digital platform in Saudi Arabia's automotive sector. It aims to simplify the car buying journey from searching and comparing vehicles to financing and delivery. The platform now serves a growing customer base and connects customers, dealerships, financing providers, and other services involved in the purchasing process.
From a Common Problem to an Integrated Service
Carly began with a simple question about why buying a car in the Kingdom had to be complicated and exhausting. The company responded by building a technology platform designed to make the experience easier and more transparent. Over time, Carly has developed into an integrated service that goes beyond a traditional vehicle listing website.
A Growing Ecosystem Role
As the platform has grown, Carly has become part of an ecosystem connecting customers, dealerships, financing providers, and other services involved in the purchasing process. This growth has required more than building a technology product. It has involved developing operations, services, and a customer experience capable of supporting one of the most significant financial decisions many consumers make.
Priorities for the Next Stage
The new investment will support Carly's transition into its next stage of growth with a focus on three main priorities. These include expanding the range of services available to customers and partners, strengthening the company's presence in the Saudi automotive market, and improving the car buying experience through technology, data, and digital solutions. Carly also aims to contribute to the Kingdom's expanding technology and mobility ecosystem in line with Saudi Vision 2030.
Confidence in the Team and the Market
For Carly, the investment represents more than capital. It signals confidence in the team that built the platform and in its ability to execute ambitious plans within a large and rapidly changing automotive market. The company said the support from Pinnacle is both a vote of confidence and a responsibility that motivates the next stage of building.
Carly views this investment as a starting point rather than a destination. As customer expectations rise and digital adoption accelerates, the opportunity in Saudi Arabia's automotive market remains significant. With Pinnacle's support, Carly is preparing to expand its services and continue building a car buying experience that matches the scale and ambition of the Saudi market.