Investor group Sanabil heads $135 million pre-IPO funding for Jeeny and OpenSooq owner iMENA
In a significant move for the Middle East and North Africa (MENA) region, Saudi Arabia-based iMENA Group has secured a $135 million pre-Initial Public Offering (IPO) investment. This development marks a crucial step in iMENA's growth journey, as the company prepares to scale its operations and enter the public market.
The investment round, led by Sanabil Investments, a wholly owned company of the Public Investment Fund (PIF), also saw participation from global venture capital firm FJ Labs, Saygin Yalcin, the founder and CEO of SellAnyCar, and several other Saudi investors.
iMENA's current businesses span across Saudi Arabia, UAE, Jordan, Oman, Kuwait, and the broader MENA region. The funds raised will be used to increase iMENA's shareholding in OpenSooq, SellAnyCar, and Jeeny, as well as for vertical and geographic expansion, and improving synergies across iMENA's platforms.
Established in 2012 by Nasir Alsharif, Khaldoon Tabaza, and Adey Salamin, iMENA has been an early investor in all three companies and already holds large stakes in at least two of them. With this latest investment, iMENA is poised to strengthen its position in the fintech sector and expand its operational capacity and market reach.
Saygin Yalcin, the founder of SellAnyCar.com, will join iMENA's Board of Directors and management committee as part of this development. Nearly 40% of iMENA's aggregate revenues come from Saudi Arabia, with another 40% from the UAE, reflecting the company's strong presence in these markets.
This injection of capital is part of a regional surge in startup funding, particularly in Saudi Arabia, which has emerged as the leading destination for venture capital in the MENA region in 2025. The supportive environment, with strong government incentives, sovereign wealth backing, and active venture ecosystems, is ideal for fintech firms like iMENA.
The funds raised will enable iMENA to build on its fintech leadership, expand its team, partnerships, and technical infrastructure in anticipation of the IPO. Although detailed operational plans have not been disclosed, the pre-IPO round sets a clear path towards greater scalability and eventual public market entry, reinforcing iMENA’s growth trajectory within the equity investment and fintech sectors.
In summary, iMENA Group's future plans following the $135 million pre-IPO investment focus on growth acceleration, infrastructure and team expansion, and preparation for an IPO to capitalize on the booming MENA fintech ecosystem and investment surge in Saudi Arabia and the broader region.
The pre-IPO investment of $135 million in iMENA Group will be utilized to increase its shareholding in OpenSooq, SellAnyCar, and Jeeny, as well as for vertical and geographic expansion, and improving synergies across iMENA's platforms. This investment round, led by Sanabil Investments, also signals the entry of Saygin Yalcin, the founder of SellAnyCar, into iMENA's Board of Directors, demonstrating strategic moves in technology, business, and investing by the Saudi-based fintech firm.
