iMENA Secures $135 Million Pre-IPO Investment to Fuel Regional Digital Expansion

• iMENA Group raised $135 million in pre-IPO funding from Sanabil Investments, FJ Labs, and prominent regional investors, signaling strong confidence in MENA’s digital economy growth.
• The company has restructured as a Saudi Closed Joint Stock Company called iMENA Holding, marking a significant milestone in its preparation for a potential public listing.
• The investment will increase iMENA’s stake in OpenSooq, SellAnyCar, and Jeeny—profitable businesses with 55% annual growth rates operating across key MENA markets.

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iMENA Group has successfully raised $135 million in pre-IPO funding. The investment comes from major players, including Sanabil Investments, a wholly owned company of the Public Investment Fund (PIF), global venture capital firm FJ Labs, and several Saudi investors.

SellAnyCar founder and CEO Saygin Yalcin also joined the investment round, securing a position on iMENA’s Board of Directors and management committee.

The capital raise, comprising private placement and in-kind contributions, represents the first tranche of a broader pre-IPO funding initiative for the Saudi Arabia-based digital platform supporter.

As part of this strategic growth phase, iMENA has restructured into a Saudi Closed Joint Stock Company (CJSC) under the name iMENA Holding. This transformation marks a crucial milestone in the company’s evolution.

Nasir Alsharif, Chairman of iMENA Holding, emphasized the significance of this transaction, calling it “an important inflection point for iMENA in its journey to IPO-readiness.”

“We are shaping the future of the region’s digital economy as a platform of internet marketplaces driving innovation at pace and at scale,” Alsharif stated.

The newly secured funds will be strategically deployed to increase iMENA’s shareholding in its three high-performing businesses: OpenSooq, SellAnyCar, and Jeeny.

These platforms are regional leaders in horizontal and vertical marketplaces across crucial sectors, including real estate, automotive, and mobility. They operate across Saudi Arabia, UAE, Jordan, Oman, Kuwait, and the broader Middle East region.

What makes this investment particularly noteworthy is the impressive performance of iMENA’s portfolio companies. These businesses are not only profitable but growing rapidly, with an average annual growth rate exceeding 55%.

Nearly 80% of the aggregate revenues come from Saudi Arabia and the UAE, with each market contributing approximately 40% to the total revenue stream.

Al Rajhi Capital served as the financial advisor to iMENA Holding on the private placement. Hossam AlBasrawi, CEO of Al Rajhi Capital, expressed pride in supporting iMENA’s transformation and potential IPO journey.

A spokesperson from Sanabil Investments highlighted their enthusiasm for the investment, noting iMENA’s “proven scalability and profitability.” They also committed to bringing their expertise to support iMENA’s growth and future IPO aspirations on the Saudi Exchange.

The company’s new Board of Directors includes regional leaders and sector veterans. Among them are the three co-founders: Nasir Alsharif, Khaldoon Tabaza, and Adey Salamin, alongside newcomer Saygin Yalcin and other industry experts.

Founded in 2012, iMENA has evolved into a regional internet champion that builds and scales high-growth internet businesses across the Middle East and North Africa.

Over the years, the company has established a strong track record of launching, acquiring, scaling, and successfully exiting numerous regional platforms, positioning itself as a strategic consolidator in the digital economy.

The closing of this capital raise remains subject to standard closing conditions and regulatory approvals in Saudi Arabia. Sanabil Investments is expected to appoint an additional member to the Board of Directors in due course.

This investment reflects growing confidence in the MENA region’s digital marketplace sector and positions iMENA Holding as a compelling proxy for investors seeking exposure to the region’s fastest-growing online sectors.

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