Saudi Arabia-based iMENA Group has raised $135 million in a pre-IPO investment led by Sanabil Investments, a wholly owned company of the Public Investment Fund (PIF), the company announced on Sunday. The round also saw participation from global venture capital firm FJ Labs, known for backing marketplace platforms, as well as Saygin Yalcin, the founder and CEO of SellAnyCar, and several other Saudi investors.
The capital raise, which includes both private placement and in-kind contributions, represents the first tranche of a pre-IPO funding round. The fresh funds will be used to increase iMENA’s shareholding in its three “high-performing” businesses: OpenSooq, SellAnyCar, and Jeeny. The firm has been an early investor in all three companies and already holds large stakes in at least two of them.
It also plans to use the funds to drive vertical and geographic expansion and improve synergies across its platforms.
Founded in 2012 by Nasir Alsharif, Khaldoon Tabaza, and Adey Salamin, iMENA has launched, acquired, scaled, and successfully exited several regional platforms.
Its current businesses operate across Saudi Arabia, UAE, Jordan, Oman, Kuwait, and the broader Middle East region, with claimed average annual growth rates exceeding 55%. In a statement, the company said that nearly 40% of its aggregate revenues come from Saudi Arabia, with another 40% from the UAE.
As part of this development, iMENA has restructured into a Saudi Closed Joint Stock Company (CJSC) under the name of iMENA Holding, marking a major milestone in its evolution ahead of a potential public listing. Additionally, Saygin Yalcin will join iMENA’s Board of Directors and management committee to help drive the company’s strategic direction.
“This transaction marks an important inflection point for iMENA in its journey to IPO-readiness by taking advantage of the great opportunities provided by the Kingdom’s Vision (2030) and in cooperation with the largest investment entities,” said Nasir Alsharif, Chairman of iMENA Holding. “We are shaping the future of the region’s digital economy as a platform of internet marketplaces driving innovation at pace and at scale.”
Sanabil has previously led a $35 million round in SellAnyCar in 2020. OpenSooq last raised $24 million in a round which was led by the Saudi Jordanian Investment Fund, with the participation of iMENA and FJ Labs.
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