Riyadh - Mubasher: iMENA Group, a regional leader in digital platforms in the MENA region, has raised $135 million from Sanabil Investments, a wholly owned company of the Public Investment Fund (PIF).
The capital raise is comprised of a private placement and in-kind contributions and is the first tranche of a pre-initial public offering (IPO) funding round, according to a press release.
The new funding round will be used to increase iMENA’s shareholding in its three high-performing businesses: OpenSooq, SellAnyCar, and Jeeny.
This aims to drive vertical and geographic expansion and enhance synergies across its platforms.
Nasir Al Sharif, 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.”
“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,” Al Sharif mentioned.
A spokesperson at Sanabil Investments added: “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.”
