iMENA Group Secures $135M to Fuel IPO Ambitions, Restructures as Saudi Entity

Editorial Team

Last updated 28-04-2025

3 min

iMENA Group has raised $135 million, moving closer to its goal of going public.

The company restructured into iMENA Holding, a closed joint-stock Saudi company.

Investment will enhance flagship businesses like OpenSooq, SellAnyCar, and Jeeny.

iMENA aims for an IPO on the Saudi Tadawul, strengthening its Middle East presence.

A new board of directors will guide the next growth phase amid market challenges.

Digital investment firm iMENA Group has raised an impressive $135 million in funding, taking a significant step closer to its plan to go public. Announcing some major changes, the company completed a restructuring process and is now officially registered as a closed joint-stock Saudi company called "iMENA Holding". This latest round of fundraising was led by notable investors, including Sanabil Investments, FJ Labs and a number of prominent Saudi investors. There was also participation from Saygin Yalcin, founder and CEO of SellAnyCar, who has now joined iMENA's newly formed board of directors.

The cash injection is set to boost the group's stakes in their flagship businesses, such as the well-known classifieds platform OpenSooq, car-trading specialist SellAnyCar and the ride-hailing service Jeeny. Beyond this, it's expected that the money will help to extend their range of digital services and strengthen integration between different platforms.

There’s certainly a strategic sense behind this move, as iMENA is positioning itself for a potential initial public offering (IPO) on the Saudi Tadawul (stock market). This decision highlights the company's ambition to become an influential player in the Middle East and North Africa’s growing digital economy.

Founded back in 2012 by entrepreneurs Khaldoon Tabaza, Nasser Al Shareef and Uday Al Salameen, iMENA Group later benefited from Yalcin's expertise, which has proved vital to the company's growth. Today, more than 80% of their revenue comes from key markets such as Saudi Arabia and the UAE, showing just how strongly rooted the company already is in the Gulf region.

A new board of directors will oversee the next phase of growth, with Sanabil Investments set to appoint an additional member later on. A mate of mine who’s into tech investing recently remarked at our favourite shawarma joint, Arageek, how iMENA's plans reflect a growing confidence in digital businesses spreading across the region these days. It’s interesting to consider just how far the sector has come—moving quickly from startups to mature companies preparing for the big leagues of public markets.

Still, with economic uncertanties always lurking around the corner, it'll be interesting to follow how this ambitious journey unfolds and whether other regional tech firms will soon follow suit.

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