Home News KSA-Based iMENA Group Raises US$135 Million Ahead Of Its IPO

KSA-Based iMENA Group Raises US$135 Million Ahead Of Its IPO

The new investment will allow iMENA to boost its ownership stakes in its three top-performing companies — OpenSooq, SellAnyCar, and Jeeny — while also supporting vertical and geographic expansion and enhancing collaboration across its platforms.

By Inc.Arabia Staff
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iMENA Group, a KSA-based regional leader in digital platforms in the MENA, has secured US$135 million in funding from Sanabil Investments—a company fully owned by Saudi Arabia's Public Investment Fund (PIF)—as well as global venture capital firm FJ Labs, SellAnyCar founder and CEO Saygin Yalcin, and other prominent Saudi investors. 

The capital raise, comprising a private placement and in-kind contributions, represents the first tranche of iMENA’s pre-initial public offering (IPO) funding round. The new funding will be used to increase iMENA’s ownership in its leading platforms—OpenSooq, SellAnyCar, and Jeeny—support vertical and geographic expansion, and enhance synergies across its ecosystem. These businesses are profitable and growing at over 55 percent annually, with nearly 80 percent of their combined revenue generated from Saudi Arabia and the UAE—iMENA’s two core strategic markets. 

iMENA, founded by Nasir Alsharif, Khaldoon Tabaza, and Adey Salamin in Saudi Arabia in 2012, also announced that it has completed its restructuring into a Saudi Closed Joint Stock Company (CJSC) under the new name, iMENA Holding. Additionally, Saygin Yalcin will join iMENA’s Board of Directors and management committee to help shape the company's strategic direction. 

In a statement, Nasir Alsharif, Chairman of iMENA Holding, said, "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. We are shaping the future of the region's digital economy as a platform of internet marketplaces driving innovation at pace and at scale. The high growth and profitability of our businesses, in sectors and markets within which we have high conviction, provides material value creation opportunities, and an exciting pathway for us to accelerate forward."  

A spokesperson at Sanabil Investments added, "We are excited to invest in iMENA Holding, a digital platform with proven scalability and profitability. Leveraging our own experience in internet marketplaces, we understand their unique strategy, and we are committed to bringing our expertise to support their growth and future IPO aspirations on the Saudi Exchange." 

Acting as financial advisor to iMENA Holding on the private placement, Hossam AlBasrawi, CEO of Al Rajhi Capital, commented, "Al Rajhi Capital is proud to support iMENA's transformation and potential IPO journey. The group's integrated model and strategic vision make it a standout in the region's digital landscape." 

The completion of the capital raise is subject to customary closing conditions and regulatory approvals in Saudi Arabia. In addition, Sanabil Investments will appoint a representative to the Board of Directors of iMENA Holding in due course. 

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