RIYADH: As venture capital activity in Saudi Arabia picks up steam, digital platform operator iMENA Holding has secured $135 million in a pre-IPO investment round headed by Sanabil Investments, a division of the Public Investment Fund.
FJ Labs, businessman Saygin Yalcin, and a group of Kingdom investors also participated in the round, which included private placements and in-kind donations, according to a release from iMENA. The acquisition is still pending regulatory clearance.
According to the statement, the proceeds will be utilised to promote vertical and regional development, improve synergies within its portfolio, and consolidate iMENA’s investments in three important companies: OpenSooq, SellAnyCar, and Jeeny.
The deal occurs while the firm reorganises to become iMENA Holding, a Saudi closed joint stock company, preparing it for eventual entry to the public market.
Additionally, it aligns with a boom in Saudi Arabian venture capital activity, which, according to MAGNiTT, generated $391 million in investments in the first quarter of 2025—a 53 per cent increase from the same period the previous year.
“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,” stated Nasir Al-Sharif, chairman of iMENA Holding.
He went on to say: “Our companies’ strong growth and profitability in industries and markets where we have strong beliefs offer tangible value creation opportunities and an exciting path for us to advance.
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