iMENA, owner of Jeeny and OpenSooq, secures $135 million in funding during a pre-IPO round led by Sanabil
iMENA Group, a prominent digital economy platform based in Saudi Arabia, has announced a significant pre-IPO investment of $135 million. The investment, led by Sanabil Investments and FJ Labs, marks a major milestone for the company as it prepares for potential future public listings.
Founded in 2012 by Nasir Alsharif, Khaldoon Tabaza, and Adey Salamin, iMENA has made a name for itself by launching, acquiring, scaling, and successfully exiting several regional platforms. Today, its businesses operate across Saudi Arabia, UAE, Jordan, Oman, Kuwait, and the broader Middle East region.
The fresh funds, which represent the first tranche of a pre-IPO funding round, will be used for vertical and geographic expansion, as well as improving synergies across iMENA's platforms. Nearly 40% of iMENA's aggregate revenues come from Saudi Arabia, with another 40% from the UAE, indicating a strong regional focus.
As part of the investment, Saygin Yalcin will join iMENA's Board of Directors and management committee. This move is expected to bring valuable industry expertise and insights to the company.
While the specific strategic direction of iMENA following this investment is not yet clear, regional trends suggest a focus on fintech and technology-enabled services. Given the prominence of iMENA in the Saudi Arabian digital economy and the significant capital injection, it is reasonable to infer that the company will aim for aggressive expansion in these key segments of the regional digital economy.
The pre-IPO funds are likely to accelerate growth, enhance platform capabilities, and strategically position iMENA as a leading tech ecosystem enabler in the MENA region. However, for authoritative insights into iMENA's detailed strategic plans and use of the funds, official press releases from the company or financial disclosures closer to the IPO date would be needed.
In a related development, iMENA has restructured into a Saudi Closed Joint Stock Company (CJSC) under the name of iMENA Holding. The capital will be used to increase iMENA's shareholding in OpenSooq, SellAnyCar, and Jeeny, further solidifying its position in the regional digital market.
As this story develops, we will continue to monitor news updates on iMENA Group and bring you the latest announcements.
The pre-IPO investment of $135 million in iMENA Group, a digital economy platform, is expected to be used for expanding in various sectors and improving synergies across its platforms, with a possible focus on fintech and technology-enabled services. Saygin Yalcin, joining iMENA's Board of Directors, is expected to bring valuable industry expertise to the company as it prepares for potential future public listings.
