iMENA Group, a leader in digital platforms in the MENA region, announced it has raised $135 million from Sanabil Investments, a wholly owned company by the Public Investment Fund (PIF); FJ Labs, a VC firm known for backing category-leading marketplace and network-effect platforms; Saygin Yalcin, the founder and CEO of SellAnyCar; and several other leading Saudi investors.
iMENA’s businesses OpenSooq, SellAnyCar, and Jeeny, are regional leaders in horizontal and vertical marketplaces across the largest sectors in the region, including real estate, automotive, and mobility, with operations in Saudi Arabia, UAE, Jordan, Oman, Kuwait, and the broader Middle East region. And iMENA’s businesses are profitable and growing rapidly, with an average annual growth rate exceeding 55%.
Nearly 40% of the aggregate revenues of iMENA’s businesses come from Saudi Arabia, with another 40% from the UAE, making them iMENA’s two core strategic markets. And iMENA’s businesses aim to serve as a compelling proxy for the digital economy in the Middle East and North Africa region, giving investors direct exposure to the region’s fastest-growing online sectors.
What the funding will be used for: The capital raise, which consists of a private placement and in-kind contributions, is the first tranche of a pre-IPO funding round. The new funding round will be used to increase iMENA’s shareholding in its three high-performing businesses: OpenSooq, SellAnyCar, and Jeeny, drive vertical and geographic expansion, and improve synergies across its platforms.
iMENA also confirmed that it has restructured into a Saudi Closed Joint Stock Company (CJSC) under the name of iMENA Holding. This transformation marks a major milestone in the company’s evolution into a regional digital powerhouse ahead of a potential public listing.
The closing of the capital raise remains subject to standard closing conditions and the approval of the authorities in Saudi Arabia.
Board members: Saygin Yalcin will also join iMENA’s Board of Directors and management committee to help drive strategic direction for the company. — Sanabil Investments will also appoint a member to the Board of Directors of iMENA Holding in due course.
And iMENA Holding’s new Board of Directors will comprise the following regional leaders and sector veterans:
— Nasir Alsharif, Chairman of iMENA, Board Member at AWJ Holding Company and Executive Chairman of Sackville Capital
— Khaldoon Tabaza, Co-founder & Managing Director of iMENA
— Adey Salamin, Co-founder of iMENA and CEO of OpenSooq
— Saygin Yalcin, Founder & 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 of E&
KEY QUOTES:
“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.”
Nasir Alsharif, Chairman of iMENA Holding
“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 are committed to bringing our expertise to support their growth and future IPO aspirations on the Saudi Exchange.”
A spokesperson at Sanabil Investments
“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.”
Hossam AlBasrawi, CEO of Al Rajhi Capital
