Saygin Yalcin, the founder and CEO of SellAnyCar, FJ Labs, a global venture capital firm known for supporting category-leading marketplace and network-effect platforms, Sanabil Investments, a wholly owned subsidiary of the Public Investment Fund (PIF), and several other prominent Saudi investors have contributed $135 million to iMENA Group (“iMENA”), a regional leader in digital platforms in the MENA region.
The initial tranche of a pre-IPO funding round, the capital raise consists of in-kind contributions and a private placement. Increased ownership in iMENA’s three successful companies—OpenSooq, SellAnyCar, and Jeeny—as well as vertical and geographic expansion and enhanced platform synergies are the goals of the new funding round.
iMENA has confirmed that it has reorganized as iMENA Holding, a Saudi Closed Joint Stock Company (CJSC). As the company moves closer to a possible public listing, this change represents a significant turning point in its development into a regional digital powerhouse. Additionally, Saygin Yalcin will be joining the management committee and board of directors of iMENA in order to contribute to the company’s strategic direction.
Nasir Alsharif, 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. We are shaping the future of the region’s digital economy as a platform of internet marketplaces driving innovation at pace and at scale. 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.”
A spokesperson at Sanabil Investments added: “We are excited to invest in iMENA Holding, a digital platform with 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.”
Acting as a financial advisor to iMENA Holding on the private placement, Hossam AlBasrawi, CEO of Al Rajhi Capital, commented, “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.”
The capital raise’s closure is still pending standard closing conditions and Saudi Arabian authorities’ approval.
The following industry veterans and regional leaders will make up iMENA Holding’s new board of directors:
Khaldoon Tabaza is the co-founder and managing director of iMENA. Nasir Alsharif is the chairman of iMENA, executive chairman of Sackville Capital, and a board member of AWJ Holding Company.
Mazin AlDawood, CEO of Osool & Bakheet Investment; Saygin Yalcin, founder and CEO of SellAnyCar; Adey Salamin, co-founder of iMENA and CEO of OpenSooq
Al Rajhi Capital’s Head of Investment Banking, Usman Sikandar
In due time, Marco Somalvico, e&Sanabil Investments’ vice president of M&A, will also name a member to the iMENA Holding board of directors.
The companies of iMENA, OpenSooq, SellAnyCar, and Jeeny, operate in Saudi Arabia, the United Arab Emirates, Jordan, Oman, Kuwait, and the larger Middle East. They are regional leaders in both horizontal and vertical marketplaces in the biggest industries in the region, such as real estate, automotive, and mobility. With an average yearly growth rate of more than 55%, iMENA’s companies are lucrative and expanding quickly. The two main strategic markets for iMENA are Saudi Arabia and the United Arab Emirates, which account for nearly 40% of the combined revenues of the region’s companies. The companies in iMENA seek to provide investors with direct access to the fastest-growing online industries in the Middle East and North Africa by acting as a convincing stand-in for the region’s digital economy.
