Middle East-focused tech investor iMENA Holding has raised US$135 million in the first tranche of its pre-initial public offering (IPO) funding round.

The funds were secured through a private placement and in-kind contributions.

Investors in this funding round include Sanabil Investments, FJ Labs, and several others, such as Saygin Yalcin, founder and CEO of SellAnyCar.

The capital will be allocated to increase iMENA’s shareholding in its key businesses – OpenSooq, SellAnyCar, and Jeeny – while also supporting expansion and enhancing platform synergies.

Saygin Yalcin will join iMENA’s board of directors and management committee. This restructuring and capital raise align with the company’s potential plans for a public listing.

IMENA operates in sectors such as real estate, automotive, and mobility, primarily in Saudi Arabia, the United Arab Emirates, and Jordan.

The majority of the company’s revenue comes from its operations in Saudi Arabia and the UAE.

The capital raise is contingent upon receiving regulatory approvals in Saudi Arabia.

🔗 Source: IMENA Holding

🧠 Food for thought

1️⃣ Pre-IPO restructuring highlights maturation of MENA tech ecosystem

iMENA’s transformation into a Saudi Closed Joint Stock Company demonstrates a strategic corporate restructuring pattern common before public listings in the region.

The company explicitly frames this $135 million capital raise as “the first tranche of a pre-IPO funding round,” signaling a clear pathway toward public markets 1.

This follows a recognizable pattern in the MENA technology sector, where companies consolidate operations and restructure governance ahead of public offerings, as seen with regional leaders like Souq.com (before its Amazon acquisition) and Careem’s preparation prior to its Uber deal.

The appointment of high-profile board members, including Saygin Yalcin who previously led Sukar.com’s merger with Souq.com, brings IPO experience to the leadership team 1.

This restructuring also aligns the company with Saudi Vision 2030’s emphasis on developing digital economy champions that can access public capital markets, potentially positioning iMENA to become a publicly-traded technology proxy for the region’s growing digital economy.