Riyadh - Sharikat Mubasher: iMENA Group (iMENA), a regional leader in digital platforms in the Middle East and North Africa (MENA) region, secured $135 million in investments from Sanabil Investments, FJ Labs, and Saygin Yalcin, the founder and CEO of SellAnyCar, and several other leading Saudi investors.

This investment is the first tranche of a pre-IPO funding round and comprises a private placement and in-kind contributions, the company announced in a press release today.

iMENA Group will use the new funding to increase its shareholding in its three high-performing businesses: OpenSooq, SellAnyCar, and Jeeny, drive vertical and geographic expansion, and improve synergies across its platforms.

Along with the funding round, iMENA confirmed that it has now restructured into a Saudi Closed Joint Stock Company (CJSC) under the name of iMENA Holding. This transformation represents a major milestone in the company’s evolution into a regional digital powerhouse, ahead of a potential public listing.

Nasir Alsharif, Chairman of iMENA Holding, said: "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.”

He affirmed the company’s commitment to shaping the future of the region's digital economy as a platform of internet marketplaces driving innovation at pace and scale.

Meanwhile, a spokesperson at Sanabil Investments, commented: “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."  

The closing of the capital raise remains subject to standard closing conditions and the approval of the authorities in Saudi Arabia.