PIF-backed Sanabil contributes
40% of iMENA revenues in Saudi
A unit of Saudi Arabia’s Public Investment Fund (PIF) is investing in iMENA Group as the technology company seeks to raise $135 million from investors and prepare for an initial public offering.
Riyadh-based Sanabil Investments – which is owned by $940 billion PIF – made the investment among other financiers including venture capital firm FJ Labs and Saygin Yalcin, iMENA said in a press release.
Yalcin is the founder and CEO of SellAnyCar, which is owned by iMENA.
The funding will “drive vertical and geographic expansion,” iMENA said, without giving further details, including the investment amounts.
Technology investors iMENA Group run various businesses, including online marketplaces OpenSooq, SellAnyCar and ride-hailing business Jeeny.
Alongside the funding announcement, iMENA said it had become a Saudi closed joint stock company and is considering an IPO.
Almost 40 percent of the group’s revenue comes from the Saudi market, with another 40 percent from the UAE.
Sanabil is a financial investment company that commits about $3 billion per year in investment in private concerns, including venture, growth capital and small buyouts.
Three IPOs have launched on the Saudi main market this year, including Derayah Financial, Entaj and Umm al Qura, which collectively raised $1 billion. Last year, 15 Saudi IPOs raised just over $4 billion. Seven companies hold Capital Market Authority (CMA) approval to float on the main market.
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