Logo ofimena group
iMENA Group , which specializes in digital platforms across the Middle East and North Africa (MENA), raised $135 million in funding. The financing witnessed the participation of Sanabil Investments, a subsidiary of the Public Investment Fund (PIF), as well as venture capital firm FJ Labs, Saygin Yalçin, founder and CEO of SellAnyCar, along with several Saudi investors. 
In a statement, the company stated that the capital increase was carried out through a private placement and in-kind contributions, marking the first tranche of a pre-IPO funding round. The funds will be used to increase iMENA’s stakes in its three main subsidiaries, OpenSooq, SellAnyCar, and Jeeny, while also expanding the company’s services and integrating its platforms.
iMENA confirmed that this funding round coincides with its restructuring into a closed Saudi joint-stock company under “iMENA Holding”.
The company indicated that this transformation is a key milestone in its evolution to a leading regional digital powerhouse ahead of its potential public offering. It added that Saygin Yalçin will join iMENA’s board of directors and executive committee to help guide the company’s strategic direction.
Nasir Alsharif, Chairman of iMENA Holding, said,”This deal marks a pivotal moment in our journey toward the IPO, leveraging the vast opportunities provided through Saudi Vision 2030 and collaborating with top investment entities.”
“We aim to shape the future of the digital economy in the region as a platform for internet markets that drive innovation at a rapid pace and on a large scale. The strong growth and profitability of our businesses, in sectors and markets we strongly believe in, provide attractive opportunities to create added value and accelerate our progress,” Alsharif said.
Meanwhile, the spokesperson for Sanabil Investments said, “We are proud to invest in iMENA Holding, a scalable and profitable digital platform. With our extensive experience in internet markets, we understand the company’s unique strategy and are committed to providing our expertise to support its growth and aspirations for a potential IPO on the Saudi stock market.”
As the financial advisor for iMENA Holding’s private placement, Hossam Al Basrawi, CEO of Al Rajhi Capital, said, “Al Rajhi Capital is proud to support iMENA’s transformation and its potential IPO. Its integrated model and strategic vision makes the company a leader in the regional digital landscape.”
Founded in 2012, iMENA owns OpenSooq, SellAnyCar, and Jeeny, which are regional leaders in horizontal and vertical markets across key sectors, including real estate, automobiles, and mobility. iMENA operates in Saudi Arabia, the UAE, Jordan, Oman, Kuwait, and the MENA region.
The company’s operations are characterized by profitability and rapid growth, with an average annual growth rate exceeding 55%. Nearly 40% of iMENA’s total revenue comes from Saudi Arabia, and another 40% from the UAE, making them the two primary strategic markets for the company.
The new iMENA Holding board of directors includes prominent regional leaders and industry veterans:
Nasir Alsharif, Chairman of iMENA Holding, board member of AWJ Holding, and CEO of Sackville Capital in London
Khaldoon Tabaza, co-founder and CEO of iMENA
Adey Salamin, co-founder and CEO of OpenSooq
Saygin Yalçin, founder and CEO of SellAnyCar
Mazin Al Dawood, CEO of Osool Bakheet Investment Company
Usman Sikandar, Head Of Investment Banking at Al Rajhi Capital
Marco Somalvico, Vice President MA at e
Additionally, Sanabil Investments will appoint a representative to the iMENA Holding board later.
iMENA Group noted that the closing of the capital increase remains subject to completing the relevant conditions and obtaining the necessary regulatory approvals in Saudi Arabia.
Logo ofimena group
iMENA Group , which specializes in digital platforms across the Middle East and North Africa (MENA), raised $135 million in funding. The financing witnessed the participation of Sanabil Investments, a subsidiary of the Public Investment Fund (PIF), as well as venture capital firm FJ Labs, Saygin Yalçin, founder and CEO of SellAnyCar, along with several Saudi investors.
In a statement, the company stated that the capital increase was carried out through a private placement and in-kind contributions, marking the first tranche of a pre-IPO funding round. The funds will be used to increase iMENA’s stakes in its three main subsidiaries, OpenSooq, SellAnyCar, and Jeeny, while also expanding the company’s services and integrating its platforms.
iMENA confirmed that this funding round coincides with its restructuring into a closed Saudi joint-stock company under “iMENA Holding”.
The company indicated that this transformation is a key milestone in its evolution to a leading regional digital powerhouse ahead of its potential public offering. It added that Saygin Yalçin will join iMENA’s board of directors and executive committee to help guide the company’s strategic direction.
Nasir Alsharif, Chairman of iMENA Holding, said,”This deal marks a pivotal moment in our journey toward the IPO, leveraging the vast opportunities provided through Saudi Vision 2030 and collaborating with top investment entities.”
“We aim to shape the future of the digital economy in the region as a platform for internet markets that drive innovation at a rapid pace and on a large scale. The strong growth and profitability of our businesses, in sectors and markets we strongly believe in, provide attractive opportunities to create added value and accelerate our progress,” Alsharif said.
Meanwhile, the spokesperson for Sanabil Investments said, “We are proud to invest in iMENA Holding, a scalable and profitable digital platform. With our extensive experience in internet markets, we understand the company’s unique strategy and are committed to providing our expertise to support its growth and aspirations for a potential IPO on the Saudi stock market.”
As the financial advisor for iMENA Holding’s private placement, Hossam Al Basrawi, CEO of Al Rajhi Capital, said, “Al Rajhi Capital is proud to support iMENA’s transformation and its potential IPO. Its integrated model and strategic vision makes the company a leader in the regional digital landscape.”
Founded in 2012, iMENA owns OpenSooq, SellAnyCar, and Jeeny, which are regional leaders in horizontal and vertical markets across key sectors, including real estate, automobiles, and mobility. iMENA operates in Saudi Arabia, the UAE, Jordan, Oman, Kuwait, and the MENA region.
The company’s operations are characterized by profitability and rapid growth, with an average annual growth rate exceeding 55%. Nearly 40% of iMENA’s total revenue comes from Saudi Arabia, and another 40% from the UAE, making them the two primary strategic markets for the company.
The new iMENA Holding board of directors includes prominent regional leaders and industry veterans:
Nasir Alsharif, Chairman of iMENA Holding, board member of AWJ Holding, and CEO of Sackville Capital in London
Khaldoon Tabaza, co-founder and CEO of iMENA
Adey Salamin, co-founder and CEO of OpenSooq
Saygin Yalçin, founder and CEO of SellAnyCar
Mazin Al Dawood, CEO of Osool Bakheet Investment Company
Usman Sikandar, Head Of Investment Banking at Al Rajhi Capital
Marco Somalvico, Vice President MA at e
Additionally, Sanabil Investments will appoint a representative to the iMENA Holding board later.
iMENA Group noted that the closing of the capital increase remains subject to completing the relevant conditions and obtaining the necessary regulatory approvals in Saudi Arabia.
