PIF-backed Sanabil funds Middle East tech firm planning a Saudi IPO
Sanabil Investments, a subsidiary of Saudi Arabia's Public Investment Fund, is partly funding Middle East tech firm iMENA Group's $135 million capital raise, which the company said was the first tranche of a planned IPO.
The funding round also drew investments from venture capital firm FJ Labs, and Saygin Yalcin, the founder and CEO of SellAnyCar, among other Saudi investors.
The capital raise comprises a private placement and in-kind contributions, with iMENA allotting the funds to increase its shareholding in several digital marketplaces, including OpenSooq, SellAnyCar, and ride-sharing service Jeeny.
The funding will also 'drive vertical and geographic expansion,' iMENA said.
As part of the capital raise, iMENA said it has now restructured into a Saudi Closed Joint Stock Company (CJSC) under the name of iMENA Holding, with Yalcin joining the company's board and management committee.
Al Rajhi Capital acted as financial advisor on the private placement.
Founded in 2012, iMENA has operations in Saudi Arabia, UAE, Jordan, Oman, Kuwait, and the broader Middle East region.
(Writing by Bindu Rai, editing by Seban Scaria)
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