IMena Nets $135M, Eyes IPO for Digital Expansion
Deal News | Apr 28, 2025 | Aim Group
IMena Group, the parent company of the horizontal marketplace OpenSooq, has raised $135 million in a new funding round ahead of an anticipated Initial Public Offering (IPO). The funding will bolster IMena's stake in core ventures like OpenSooq, SellAnyCar, and Jeeny, along with expanding its digital services across the MENA region. The investment round saw participation from entities such as Sanabil Investments, FJ Labs, Saudi investors, and Saygin Yalcin, with Yalcin joining the board of directors. This capital increase comes as part of a strategic transformation into a Saudi Arabia-based closed joint-stock company. The initiative ties in with the Saudi Vision 2030 goals and emphasizes creating a significant impact on MENA's digital economy. IMena, founded in 2013, aims to be a leader in digital marketplaces in the region by leveraging businesses such as OpenSooq against competitors like Dubizzle Group, which is also planning an IPO, and Property Finder Group.
Sectors
- Digital Marketplaces
- Venture Capital & Private Equity
- E-commerce
- Finance
Geography
- Middle East and North Africa (MENA) – IMena Group operates across the MENA region, with a strategic focus on Saudi Arabia and the UAE.
- Saudi Arabia – The transformation of IMena into a Saudi Arabia-based closed joint-stock company and its alignment with Saudi Vision 2030 is a key aspect of the article.
- United Arab Emirates – The UAE is noteworthy as a strategic market where IMena plans to focus its digital service expansion, accounting for a significant portion of its revenue.
Industry
- Digital Marketplaces – The article is centered around IMena Group's operations in the digital marketplace sector, particularly its ownership of marketplace platforms like OpenSooq.
- Venture Capital & Private Equity – The article discusses a significant investment round involving private equity firms like Sanabil Investments and other investors.
- E-commerce – IMena's businesses such as OpenSooq and SellAnyCar operate as e-commerce platforms within the MENA region.
- Finance – The context of the article is heavily focused on investment, capital raising, and plans for an initial public offering (IPO).
Financials
- $135 million – Total amount raised in the first part of IMena's new funding round.
- $24 million – Amount raised by OpenSooq in its last funding round in 2021.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| IMena Group | Target | Company | Operates horizontal marketplaces and digital services throughout the MENA region. |
| Sanabil Investments | Investor | Company | A participating investor in IMena's $135 million fundraising round. |
| FJ Labs | Investor | Company | Another investment firm participating in the IMena funding round. |
| Saygin Yalcin | Investor/Board Member | Person | Founder and CEO of SellAnyCar, participant in the funding round, and new board member of IMena. |
| OpenSooq | Core Business | Company | One of IMena's primary business platforms in the horizontal marketplace category. |
| SellAnyCar | Core Business | Company | A vertical owned by IMena, focusing on car-buying services. |
| Jeeny | Core Business | Company | A taxi-hailing service under IMena's ownership. |
| Nasir Alsharif | Chairman | Person | Chairman of IMena Holding leading the strategic transformation and funding initiatives. |