Saudi Arabia’s sovereign wealth fund venture capital arm, Sanabil Investments, has participated in a $135 million fundraising round for technology firm iMENA Holding. This investment comes as iMENA Holding prepares for an initial public offering (IPO) on the Saudi stock exchange within the next two years.
The funding round included other investors such as New York-based VC firm FJ Labs. Following the investment, iMENA Holding is restructuring to become a Saudi company with its base in Riyadh. This move aligns with the company’s plans to list on the local stock exchange.
The decision to back iMENA Holding is part of Sanabil Investments’ strategy to support technology growth in the region. By investing in iMENA Holding, Sanabil is positioning itself for potential growth as the company prepares for its IPO.
This development highlights Saudi Arabia’s efforts to enhance its technology sector and attract investments. The planned IPO of iMENA Holding is expected to draw further interest from investors looking to capitalize on the kingdom’s growing tech industry.
