iMENA Holding secures $135 million to boost regional expansion

Saudi Arabia-based iMENA Holding has raised $135 million in a pre-IPO round to strengthen its position across MENA digital markets.

Funding to support growth of OpenSooq, SellAnyCar, and Jeeny platforms

iMENA Holding, a key player in the Middle East and North Africa’s digital marketplace sector, has secured $135 million from investors including Sanabil Investments, FJ Labs, Saygin Yalcin, and several other Saudi stakeholders. This funding, structured through private placement and in-kind contributions, marks the first phase of its pre-IPO journey. The company aims to use this capital to increase its ownership in its core businesses — OpenSooq, SellAnyCar, and Jeeny — while focusing on expanding both vertically and geographically across the region.

Established in 2012 by Nasir Alsharif, Khaldoon Tabaza, and Adey Salamin, iMENA recently transitioned into a Saudi Closed Joint Stock Company (CJSC), now operating under the name iMENA Holding. This restructuring is part of the company’s preparation for a potential public listing, aligning with Saudi Arabia’s broader economic initiatives. As part of this development, Saygin Yalcin, founder and CEO of SellAnyCar, has joined the company’s Board of Directors and management committee to contribute to its strategic planning.

According to Nasir Alsharif, Chairman of iMENA Holding, the investment represents a pivotal step in positioning the company for future growth and public offering readiness. He highlighted that iMENA is leveraging opportunities arising from Saudi Arabia’s Vision 2030 and working closely with major investment entities to strengthen its role in the region’s digital economy. Alsharif emphasized that the company’s focus remains on sectors and markets where it sees strong potential for value creation and sustainable profitability.

A representative from Sanabil Investments noted that their decision to back iMENA Holding was driven by the company’s proven ability to scale and maintain profitability within the competitive digital marketplace landscape. They expressed confidence in supporting iMENA's growth strategy and future listing plans on the Saudi Exchange, underlining their commitment to sharing expertise in internet marketplaces.

Al Rajhi Capital, acting as the financial advisor for the private placement, also commented on the partnership. CEO Hossam AlBasrawi stated that supporting iMENA’s transformation aligns with their focus on advancing prominent digital ventures within the region.

Experienced leadership to guide iMENA’s next phase

Following the restructuring, iMENA Holding’s Board of Directors now includes prominent figures such as Nasir Alsharif, Khaldoon Tabaza, Adey Salamin, Saygin Yalcin, Mazin AlDawood, Usman Sikandar, and Marco Somalvico. Additionally, Sanabil Investments is expected to appoint a board member in due course, further strengthening governance.

The company’s platforms — OpenSooq, SellAnyCar, and Jeeny — operate across vital sectors like real estate, automotive, and mobility. With active operations in Saudi Arabia, UAE, Jordan, Oman, Kuwait, and other Middle Eastern countries, these businesses have achieved an average annual growth rate exceeding 55%. Nearly 80% of total revenues are generated from Saudi Arabia and the UAE, confirming these markets as strategic hubs for iMENA.

With profitability already established, iMENA Holding seeks to represent a significant part of the evolving digital economy in the Middle East and North Africa. The company’s platforms are positioned to offer investors exposure to some of the fastest-growing online sectors in the region.

The completion of the funding round is pending regulatory approvals in Saudi Arabia and other standard closing conditions.