Latest news with #SayginYalcin
Arabian Business
23-06-2025
- Automotive
- Arabian Business
AB Majlis podcast: ‘Building a great company takes decades – not years,' says Saygin Yalcin
Serial entrepreneur Saygin Yalcin has led a $135 million investment into iMENA and joined its board, positioning the company to become 'the next internet champion for the Middle East' with plans for a potential IPO within two to three years. In an exclusive interview on Arabian Business 's AB Majlis podcast, the founder revealed his strategy for building the region's largest marketplaces conglomerate while sharing his unconventional wisdom that true entrepreneurial success requires extraordinary patience. 'Building a great company should take decades, not years. If it's years, you're pretty much flipping a business. If it's decades, you're actually building long-term proven value for the market,' said Yalcin. The Turkish-born entrepreneur challenged the startup world's obsession with rapid growth and quick exits. 'Most of the times, stuff doesn't work,' he explained. 'If you still want to do it, and you can endure pain and are happy with delayed gratification, then [entrepreneurship is for you].' Yalcin unveiled latest innovation, 'ScanAnyCar', an AI-powered application that allows users to take a photo of any vehicle and instantly receive detailed information including the car's model, value, and even the worth of its licence plate – a feature that has generated over 3 million valuations since its launch. 'It allows you to take a snap of a car, and then it does something like magic,' Yalcin explained. 'It will tell you which car it is, when it came out, how much it's worth, who owns it if the owner registered with us… it also tells you which number plate it has and how much the number plate is worth.' The entrepreneur shared his unique perspective on artificial intelligence, arguing that AI is 'under-hyped' despite the current buzz. He described a fundamental difference between humans and AI: 'AI is geochemistry and humans are biochemistry,' suggesting this distinction creates a natural barrier that AI cannot cross. 'Empathy and love… that's the ultimate barrier between AI and human. AI doesn't understand. AI simulates understanding and processes information,' he added. For aspiring entrepreneurs, Yalcin offered his 'bicycle, car, rocket ship' framework for business growth. 'There is this bicycle phase, where you have to grow with your muscle power, and then you get to a point where you might need petrol, and you build a car,' he explained. The 'rocket ship' phase – requiring venture capital or 'kerosene' as he called it – isn't necessarily the definition of success, he cautioned. 'Four in a million companies in China are unicorns, nine in a million in the U.S… Everything else is a car, is a regular business. So defining success as the four in a million, the nine in a million, these rare occurrences, is wrong,' Yalcin said. Yalcin's entrepreneurial journey began with corporate roles at BMW, L'Oreal, and Capgemini, before founding premium fashion brand Joe Suis. He later launched which became the Middle East's largest private shopping club before being acquired by in 2012. Souq was subsequently purchased by Amazon for $580 million. His venture grew into the region's first and largest online used-car buying platform before being sold to Dubizzle. The company pioneered a product-led growth strategy with innovative tools like their number plate valuation system, which went from 50,000 daily queries to over 3 million total valuations in just months. Yalcin also addressed how AI is changing marketplace economics. 'Listing fees are dead. AI killed it,' he said, adding that artificial intelligence has shifted the monetisation model by better identifying when platforms risk losing control of transactions. The full interview can be found on Arabian Business's AB Majlis podcast, available on Spotify, Apple Podcasts, and at Tune in to a new episode of AB Majlis every Monday To listen to the full episode and gain a comprehensive understanding of doing business in the Gulf region, visit our RSS feed or check out AB Majlis on Spotify, Apple Podcasts, and other platforms. Episodes are also available on: Tune in every Monday for weekly episodes that will help you stay ahead of the curve and enrich your understanding of the Gulf region.
Zawya
29-04-2025
- Automotive
- Zawya
iMENA raises $135mln in pre-IPO funding round: IFR
Saudi digital platform operator iMENA has raised $135m in a private funding round ahead of a planned IPO. Funding comes from the Public Investment Fund via Sanabil Investments, venture capital firm FJ Labs, founder of SellAnyCar Saygin Yalcin and other Saudi investors, with the capital raise taking the form of both cash and contributions in kind. iMENA will use the funds to increase its shareholding in its three highest performing businesses; classified advertising platform OpenSooq, ride hailing service Jeeny and vehicle marketplace SellAnyCar. Al Rajhi Bank was adviser for the placement. The capital raise is the first tranche of a pre-IPO funding round as the company restructures as a Saudi closed joint stock company in preparation for listing on Tadawul. Saudi Arabia and the UAE contribute the company's largest sources of revenue at 40% each and it has operations in Jordan, Oman and Kuwait. Yalcin will join the board of directors and Sanabil will also appoint a board member.
Arab News
28-04-2025
- Business
- Arab News
iMENA raises $135m in pre-IPO round led by PIF's Sanabil Investments
RIYADH: Digital platform operator iMENA Holding has raised $135 million in a pre-initial public offering funding round led by Sanabil Investments, a unit of the Public Investment Fund, as venture capital activity in Saudi Arabia gains momentum. The round, comprising private placements and in-kind contributions, also attracted participation from FJ Labs, entrepreneur Saygin Yalcin, and a group of investors from the Kingdom, iMENA said in a statement. The transaction remains subject to regulatory approval. Proceeds will be used to consolidate iMENA's stakes in three key businesses — OpenSooq, SellAnyCar, and Jeeny — while supporting vertical and geographic expansion and enhancing synergies across its portfolio, it added. The transaction comes as the business restructures into a Saudi closed joint stock company under the name iMENA Holding, positioning it for future public market access. It also coincides with a surge in venture capital activity in Saudi Arabia, which attracted $391 million in investments during the first quarter of 2025, a 53 percent increase from a year earlier, according to MAGNiTT. 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.' He added: '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.' The company's businesses operate in key sectors including real estate, automotive, and mobility, with a footprint across Saudi Arabia, the UAE, and Jordan, as well as Oman, Kuwait, and the wider Middle East and North Africa region. iMENA's businesses have achieved an average annual growth rate exceeding 55 percent, with approximately 40 percent of revenues generated from Saudi Arabia and another 40 percent from the UAE, the two largest strategic markets for the group. PIF-backed Sanabil Investments, which deploys around $3 billion annually across private investments including venture capital, growth funding, and small buyouts, said it backed iMENA for its 'proven scalability and profitability.' '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,' said a spokesperson for Sanabil Investments. Saygin Yalcin, founder and CEO of SellAnyCar, will join iMENA Holding's board of directors and management committee to help drive strategic direction. The new board includes Al-Sharif and Khaldoon Tabaza, co-founder and managing director of iMENA. Adey Salamin, co-founder of iMENA and CEO of OpenSooq, also joins alongside Yalcin. Other members include Mazin Al-Dawood, CEO of Osool and Bakheet Investment; Usman Sikandar, head of Investment Banking at Al Rajhi Capital; and Marco Somalvico, vice president of M&A at e&. Sanabil Investments will also appoint a member to the board in due course. Al Rajhi Capital acted as financial adviser on the private placement. Hossam Al-Basrawi, CEO of Al Rajhi Capital, said: 'Al Rajhi Capital is proud to support iMENA's transformation and potential IPO journey. The group's integrated model and strategic vision make it a standout in the region's digital landscape.'
CairoScene
28-04-2025
- Business
- CairoScene
Saudi VC Company iMENA Raises $135 Million to Accelerate IPO Plans
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.
Zawya
28-04-2025
- Automotive
- Zawya
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)
