Saudi used-car platform Carly takes Pinnacle investment in primary-secondary deal

Riyadh-based used-car marketplace Carly has received an investment from Pinnacle Growth & Secondary Fund in a combined primary and secondary transaction, the companies confirmed. The size of the deal, Carly’s valuation and the split between new capital and secondary share purchases were not disclosed. The transaction is the first announced investment from Pinnacle’s new closed-ended growth and secondaries vehicle, launched last month to back later-stage Saudi technology companies while providing liquidity to existing shareholders.

"By 2024, between 30% and 40% of Carly’s sales were being completed entirely online, including financing and delivery without customers visiting its physical hub," said Carly co‑founder Faisal Raza, highlighting the company’s shift from a digitisation pilot to an end-to-end online buyer journey.

Deal structure and strategic fit

Pinnacle Growth & Secondary Fund participated through a blend of primary capital injected into Carly and secondary purchases of existing shareholder stakes. Neither Pinnacle nor Carly disclosed which shareholders sold in the secondary portion, how much ownership changed hands, or the portion of proceeds allocated to Carly’s balance sheet versus liquidity for earlier investors.

The closed-ended fund targets established Saudi tech companies with a focus on fintech, e-commerce, health, and businesses tied to Riyadh’s growth trajectory — including mobility and urban services. Carly, which operates an online platform for new and used cars covering search and comparison through to financing, purchase and delivery, fits within that mobility and urban services remit.

Business model and traction

• Founders: Faisal Raza and Yousef Al‑Hagbani
• Founded: 2021, Riyadh
• Core offering: Online marketplace for new and used cars, end-to-end purchase, financing and delivery
• Vehicle quality assurance: 150‑point inspection and a 12‑month warranty on used cars
• Prior funding: SAR 3.75 million (about $1 million) raised in a 2023 pre‑seed round from angel investors

Carly’s 2023 pre‑seed round supported product development, hiring and the launch of a B2B auction platform for dealers. The company has since said its customer base and transaction volumes have continued to grow, though it declined to disclose recent revenue, sales volumes or customer numbers alongside the Pinnacle investment.

Outlook and implications

The Pinnacle vehicle is explicitly designed to back later‑stage Saudi technology companies while providing liquidity to existing shareholders — a model that can accelerate growth for startups that have already demonstrated product‑market fit but where founders and early backers seek partial exits. For Carly, the infusion of primary capital could be directed toward scaling online transaction volumes, expanding financing partnerships, and growing the B2B dealer auction product; however, Carly has not detailed specific use of proceeds.

As Saudi Arabia’s digital automotive commerce segment evolves, Carly’s combination of inspection guarantees, warranty coverage and integrated financing positions it to capture customers shifting to fully online purchases. The participation of Pinnacle’s new fund, even on undisclosed terms, signals continued investor interest in later‑stage mobility and urban services plays within the Saudi market.