Investor group Sanabil leads $135 million pre-IPO funding round for Jeeny and OpenSooq owner iMENA
In a significant move towards becoming a regional digital powerhouse, Saudi Arabia-based iMENA Group has secured a $135 million pre-IPO investment. The investment round was led by Sanabil Investments, a wholly owned company of the Public Investment Fund (PIF), and global venture capital firm FJ Labs, with participation from other prominent Saudi investors.
The funds raised will be used to increase iMENA's shareholding in OpenSooq, SellAnyCar, and Jeeny, the company's three successful digital marketplace platforms. The capital will also support vertical and geographic expansion in the MENA region and improve synergies across these platforms.
Founded in 2012 by Nasir Alsharif, Khaldoon Tabaza, and Adey Salamin, iMENA has been an early investor in all three companies and already holds large stakes in at least two of them. As part of this development, iMENA has restructured into a Saudi Closed Joint Stock Company (CJSC) under the name of iMENA Holding, a preparatory step towards a potential public listing (IPO).
Notably, Saygin Yalcin, founder and CEO of SellAnyCar, will join iMENA's management committee and board to help steer its strategic growth. This strategic leadership addition is seen as a crucial inflection point in iMENA's journey to regional dominance via a future public offering.
The investment reflects confidence from major regional players and aligns with the Kingdom of Saudi Arabia's Vision 2030 economic diversification plan, which aims to develop the digital economy in the MENA region. Nearly 40% of iMENA's aggregate revenues come from Saudi Arabia, with another 40% from the UAE, demonstrating the company's strong foothold in these markets.
iMENA's current businesses operate across Saudi Arabia, UAE, Jordan, Oman, Kuwait, and the broader Middle East region. The company claims average annual growth rates exceeding 55%, positioning it as a dynamic and rapidly growing player in the digital marketplace sector.
This investment marks a significant step for iMENA as it prepares for its potential IPO, consolidating its position as a leading digital marketplace platform in the MENA region.
[1] iMENA Group Press Release, [link to press release or source] [2] Saudi Gazette, [link to article or source] [3] Arab News, [link to article or source]
- The investment in iMENA Group, led by Sanabil Investments and FJ Labs, represents a strategic move in the finance sector, particularly in investing in technology-driven business ventures within the MENA region.
- With the raised capital, iMENA plans to focus on expanding its digital marketplace platforms, OpenSooq, SellAnyCar, and Jeeny, and to strengthen synergies among them, aiming to consolidate its dominance in the finance and investing industry across the MENA region.
