iMENA Group, a regional operator of digital platforms in the Middle East and North Africa, has raised $135 million in the first tranche of its pre-IPO funding round, backed by Sanabil Investments, FJ Labs, and several Saudi investors, including Saygin Yalcin, founder of SellAnyCar.
The funding includes private placement and in-kind contributions, per the announcement.
The fresh capital will be used to increase iMENA’s shareholding in its core portfolio companies—OpenSooq, SellAnyCar, and Jeeny—and to support vertical and geographic expansion.
The company also aims to improve synergies across its platforms as it moves toward a potential public listing.
As part of its preparation for an IPO, iMENA has restructured into a Saudi Closed Joint Stock Company under the name iMENA Holding, signaling its strategic commitment to Saudi Arabia’s capital markets and aligning with the kingdom’s Vision 2030 economic diversification agenda.
The restructuring marks a key milestone in iMENA’s efforts to position itself as a leading digital player in the region.
The new funding round will also see Yalcin join the company’s Board of Directors and management committee, contributing to the strategic direction of the group.
The revamped board includes prominent regional executives and investment professionals from Sanabil, Al Rajhi Capital, and E&.
iMENA’s core businesses operate across Saudi Arabia, the UAE, Jordan, Oman, and Kuwait, generating nearly 80% of their revenues from Saudi Arabia and the UAE.
The group reports an average annual growth rate of more than 55%, with profitable operations across its marketplace businesses in sectors including real estate, automotive, and mobility.
Al Rajhi Capital acted as the financial advisor on the transaction, which remains subject to regulatory approvals and standard closing conditions.
The capital raise and restructuring are designed to strengthen iMENA’s position as a proxy for the region’s digital economy, offering exposure to some of the fastest-growing online sectors in MENA.