Saudi VC Company iMENA Raises $135 Million to Accelerate IPO Plans
Saudi-based venture capital investment company iMENA Group has raised $135 million in a pre-IPO investment round, securing backing from Sanabil Investments, FJ Labs, Saygin Yalcin, and other Saudi investors. The capital raise, comprising a private placement and in-kind contributions, represents the first tranche of iMENA's pre-IPO funding efforts. Proceeds will be directed toward increasing iMENA's shareholding in OpenSooq, SellAnyCar, and Jeeny, in addition to supporting vertical and geographic expansion and enhancing platform synergies.
In a step toward a future public listing, iMENA has restructured into a Saudi Closed Joint Stock Company (CJSC) under the name iMENA Holding. Saygin Yalcin will join the Board of Directors and management committee to contribute to the company's strategic direction. The transaction was described as an important milestone in iMENA's path to IPO-readiness, closely aligned with opportunities created by Saudi Arabia's Vision 2030.
The newly appointed Board of Directors includes Nasir Alsharif, Khaldoon Tabaza, Adey Salamin, Saygin Yalcin, Mazin AlDawood, Usman Sikandar, and Marco Somalvico, with a representative from Sanabil Investments to be named soon. iMENA's platforms — OpenSooq, SellAnyCar, and Jeeny — are market leaders across the real estate, automotive, and mobility sectors in Saudi Arabia, the UAE, Jordan, Oman, Kuwait, and the wider Middle East. These businesses are profitable, with an annual growth rate exceeding 55%, and revenue contributions are balanced between Saudi Arabia and the UAE, each accounting for approximately 40%.
Founded in 2012 by Nasir Alsharif, Khaldoon Tabaza, and Adey Salamin, iMENA has a track record of launching, acquiring, scaling, and exiting digital businesses across the region. Its leadership team brings extensive expertise in technology, marketplaces, investment, and venture capital within the MENA landscape.
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