Big Moves Ahead for iMENA Holding
Saudi Arabia’s tech ambitions are heating up! iMENA Holding, a Middle East-based technology firm, just raised a massive $135 million in fresh funding, with major backing from Sanabil Investments, the venture capital arm of Saudi Arabia’s sovereign wealth fund (PIF).
The fundraising round, also supported by New York-based VC firm FJ Labs, is a crucial step in iMENA’s journey toward a planned IPO on Saudi Arabia’s local stock exchange within two years.
What’s the Plan for the iMENA Funding?
iMENA plans to put this capital to work smartly:
✅ Pre-IPO preparations
✅ Business expansion across the Middle East
✅ Boosting stakes in key portfolio companies, including:
- Opensooq (online classifieds)
- SellAnyCar (used car marketplace)
- Jeeny (ride-hailing app)
Nasir Alsharif, Chairman of iMENA, called the transaction an “important inflection point” in iMENA’s journey towards IPO-readiness. Clearly, iMENA is gearing up for a serious growth sprint!
Restructuring iMENA for Riyadh
As part of its IPO plan, iMENA is also restructuring to become a Saudi company and relocating its headquarters to Riyadh. This move aligns with Saudi Arabia’s broader goal of turning its capital into a tech and innovation hub for the region.
iMENA was originally launched in 2012 as a platform to invest in emerging online businesses. Now, after years of building its brand, the company is finally ready to make its big market debut.
Saudi Arabia’s Tech Boom
The timing couldn’t be better. Saudi Arabia’s stock exchange is actively encouraging more technology firms to list as it seeks to attract global investors and diversify its economy.
Other tech stars like Tabby (one of the Middle East’s first fintech unicorns) and Ejada Systems (a leading tech services provider) are also prepping for their own IPOs in the kingdom. The momentum is real — and growing fast.
💬 According to insiders, Saudi Arabia wants to become a regional powerhouse for fundraising, especially in the tech sector. It’s not just about numbers — it’s about driving innovation and creating future jobs.
Meanwhile, Al Rajhi Capital, the investment arm of one of Saudi Arabia’s largest banks, served as a financial adviser on iMENA’s fundraising round, signaling strong local financial sector support too.
The Road Ahead
With heavyweight backers, a clear expansion plan, and IPO dreams in sight, iMENA is positioned for a thrilling next chapter. Investors and tech enthusiasts alike will be keeping a close eye on how this next phase unfolds.
Stay tuned — the Middle East’s tech future is just getting started!