iMENA Group, a regional leader in building and operating digital platforms in the Middle East and North Africa, announced the successful completion of a $135 million capital raise in the first tranche of its pre-IPO funding round.
The investment was led by Sanabil Investments (a wholly-owned company of the Public Investment Fund), FJ Labs, Saygin Yalcin (Founder and CEO of SellAnyCar), along with a group of leading Saudi investors.
This funding, comprising a private placement and in-kind contributions, coincides with the restructuring of iMENA into a Saudi Closed Joint Stock Company under the name “iMENA Holding” — a major step toward becoming a regional digital powerhouse and preparing for a potential listing on the Saudi Exchange (Tadawul).
The capital will be used to increase iMENA’s shareholding in its key businesses: OpenSooq, SellAnyCar, and Jeeny, while driving vertical and geographic expansion and strengthening synergies across its platforms.
iMENA’s businesses are profitable and growing rapidly, with an average annual growth rate exceeding 55%. Saudi Arabia and the UAE currently account for more than 80% of the group’s revenues.
The company announced the formation of a new Board of Directors composed of prominent industry leaders:
- Nasir Alsharif (Chairman)
- Khaldoon Tabaza (CEO)
- Adey Salamin (CEO of OpenSooq)
- Saygin Yalcin (CEO of SellAnyCar)
- Mazin AlDawood (CEO of Osool & Bakheet Investment)
- Usman Sikandar (Head of Investment Banking at Al Rajhi Capital)
- Marco Somalvico (Vice President M&A at e&)
- With an additional Board Member to be appointed by Sanabil Investments.
Nasir Alsharif, Chairman of iMENA Holding, commented:
“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, provide material value creation opportunities and an exciting pathway for us to accelerate forward.”
iMENA was founded in 2012 by Khaldoon Tabaza, Nasir Alsharif, and Adey Salamin, later joined by Saygin Yalcin.
