Jeeny and OpenSooq proprietor iMENA raises $135 million in Sanabil-led pre-IPO spherical 

Saudi Arabia-based iMENA Group has raised $135 million in a pre-IPO funding led by Sanabil Investments, an entirely owned firm of the Public Funding Fund (PIF), the corporate introduced on Sunday. The spherical additionally noticed participation from international enterprise capital agency FJ Labs, identified for backing market platforms, in addition to Saygin Yalcin, the founder and CEO of SellAnyCar, and several other different Saudi traders.

The capital elevate, which incorporates each personal placement and in-kind contributions, represents the primary tranche of a pre-IPO funding spherical. The recent funds can be used to extend iMENA’s shareholding in its three “high-performing” companies: OpenSooq, SellAnyCar, and Jeeny. The agency has been an early investor in all three corporations and already holds massive stakes in not less than two of them.

It additionally plans to make use of the funds to drive vertical and geographic growth and enhance synergies throughout its platforms.

Based in 2012 by Nasir Alsharif, Khaldoon Tabaza, and Adey Salamin, iMENA has launched, acquired, scaled, and efficiently exited a number of regional platforms.

Its present companies function throughout Saudi Arabia, UAE, Jordan, Oman, Kuwait, and the broader Center East area, with claimed common annual progress charges exceeding 55%. In a press release, the corporate stated that just about 40% of its combination revenues come from Saudi Arabia, with one other 40% from the UAE.

As a part of this improvement, iMENA has restructured right into a Saudi Closed Joint Inventory Firm (CJSC) underneath the title of iMENA Holding, marking a significant milestone in its evolution forward of a possible public itemizing. Moreover, Saygin Yalcin will be a part of iMENA’s Board of Administrators and administration committee to assist drive the corporate’s strategic path.

“This transaction marks an vital inflection level for iMENA in its journey to IPO-readiness by profiting from the nice alternatives offered by the Kingdom’s Imaginative and prescient (2030) and in cooperation with the most important funding entities,” stated Nasir Alsharif, Chairman of iMENA Holding. “We’re shaping the way forward for the area’s digital financial system as a platform of web marketplaces driving innovation at tempo and at scale.”

Sanabil has beforehand led a $35 million spherical in SellAnyCar in 2020. OpenSooq final raised $24 million in a spherical which was led by the Saudi Jordanian Funding Fund, with the participation of iMENA and FJ Labs.

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