Imena, the owner of Jeeney and OpenSooq, secures $135 million in a pre-IPO funding round led by Sanabil.
Saudi Arabia-based iMENA Group, an early investor in digital platforms OpenSooq, SellAnyCar, and Jeeny, has secured a significant $135 million in pre-IPO investment. The funding round was led by Sanabil Investments, a wholly owned company of the Public Investment Fund (PIF), and global venture capital firm FJ Labs.
As part of this development, iMENA has restructured into a Saudi Closed Joint Stock Company (CJSC) under the name of iMENA Holding, marking a major milestone in its evolution ahead of a potential public listing. Saygin Yalcin, the founder and CEO of SellAnyCar, will join iMENA's Board of Directors and management committee to help drive the company's strategic direction.
The funds will primarily be utilized to scale operations across core verticals, such as e-commerce, travel, and fintech, to consolidate market leadership. They will also be used to invest in technology and talent to advance platform capabilities and user experience, drive regional expansion into new markets within MENA, and improve operational and strategic synergies across their portfolio of companies to boost efficiency and cross-platform growth potential.
Nearly 40% of iMENA's aggregate revenues come from Saudi Arabia, with another 40% from the UAE. The company's current businesses operate across Saudi Arabia, UAE, Jordan, Oman, Kuwait, and the broader Middle East region. The capital raise will be used to increase iMENA's shareholding in its three "high-performing" businesses: OpenSooq, SellAnyCar, and Jeeny.
This capital injection positions iMENA to strengthen its role as a key digital ecosystem player, preparing for the forthcoming IPO while boosting long-term value by integrating and expanding their platform services cohesively throughout the region. The investment led by Sanabil Investments and FJ Labs underscores strong investor confidence in iMENA’s approach to regional digital growth and value creation.
iMENA was founded in 2012 by Nasir Alsharif, Khaldoon Tabaza, and Adey Salamin. The company has been an early investor in all three companies and already holds large stakes in at least two of them. The exact allocation of the funds beyond general strategic expansion, synergy, and technology investments has not been disclosed publicly.
The investment marks a significant step towards iMENA's vision of becoming a leading digital platform in the MENA region, providing a seamless digital experience to users across various sectors. With the strategic guidance of Saygin Yalcin and the financial backing from the investment, iMENA is poised to accelerate its expansion and capture wider market opportunities in the region.
iMENA, with the significant $135 million pre-IPO investment, will use the funds primarily to strengthen its presence in the fintech vertical, scale operations, invest in technology and talent, and drive regional expansion. The investment from Sanabil Investments and FJ Labs boosts long-term value by integrating and expanding platform services cohesively throughout the MENA region, positioning iMENA as a key digital ecosystem player.
