1st Investment Round of Carefer, Led by Elm, Concluded

Carefer, a Saudi company specialized in technical solutions for car maintenance services – announced the closure of its first investment round which was led by the pioneer digital solutions company, Elm for almost thirty-six months.

This company carried out premium operations in one of the most promising markets when it comes to digital transformation, according to the indicators of the competent government agencies and authorities.

The firm is well known for providing premium services, in the field of car maintenance, in many cities in the Kingdom of Saudi Arabia, through a smartphone application.

Due to the market needs and the Saudi investment environment, that attracts innovative solutions, a team of 3 young Saudi businessmen who had: techniques, money and marketing strategies established the company in 2017.

A team was able to create a premium experience for the beneficiary and the client as well as a business model that facilitate the process of registering maintenance centers.

The company was able to lead the sector by providing more than 900 maintenance centers in 8 major cities. In addition, they provided many various premium services such as, maintenance services, mobile maintenance, accident repairs and a number of other sub-services.

“we are pleased with this investment, which comes as a result of the company’s last-longing keenness to support and empower emerging technology companies, Official spokesperson and VP of Marketing at Elm, Majid bin Saad Al-Arifi said.

We mainly invest in supporting unique and innovative ideas and launching new technology-based projects locally and globally, he added.

“We also support the emerging entrepreneurs in order to accelerate growth, increase chances of success, and enhance their financial returns and their strategic position in the market, in a way that contributes to the diversification of the national economy,” he explained.

Carefer is building a distinctive system in the world of digitizing the car services sector, which has a size of more than 25 billion Saudi riyals and needs digital solutions, such as what the Carefer platform offers, Al-Arifi stressed.

“we have created an integrated business model in the car maintenance sector that will help many companies and individuals to solve a real problem they struggle with, he concluded.

Now, we are developing our capabilities to grow and expand with the help of our great and persistent team, capabilities, technical systems and strong relations.

Our ambition has no limits and we are eager to be among the leading companies that contribute in achieving the Kingdom’s Vision 2030 and raising the level of the services in this sector by facilitating car maintenance solutions,” Co-founder and CEO Abdul Majeed Almubarrad elaborated.

For his part: “We were keen from the beginning to build a strong technical system that helps to make a rapid expansion and growth through automating and speeding the operations in order to serve the customer as quickly as possible, co-founder and CTO Omar Alturki added.

Since technology did not penetrate the car maintenance sectors, Carefer’s platform had an important role in facilitating and developing the sector by providing integrated services in one place. We are keen on enhancing the technical side of this sector and providing a distinctive digital system in addition to reducing human intervention,” he concluded.

Elm is working on building partnerships with startups that provide innovative solutions aiming to improve customers’ experience. The company also supports those startups who open new horizons of economic possibilities, which call for sustainable economy that enhance partnerships for innovation and develop investments returns, through direct participation in capital and public support.