Digital platform provider iMENA Group secured USD 135 mn in the first tranche of a pre-IPO funding round, led by PIF-owned Sanabil Investments, New York-based VC firm FJ Labs, SellAnyCar founder Saygin Yalcin (LinkedIn), along with other Saudi investors, according to a press release (pdf).

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Where will the money go? The funds, which include a private placement and in-kind contributions, will support iMENA’s plan to raise its share in its main platforms — OpenSooq, SellAnyCar, and Jeeny — and facilitate its geographic and vertical growth. The capital will also support the company’s pre-IPO plans.

Part of a bigger plan: The funding round coincides with iMENA’s restructuring into iMENA Holding, a Saudi joint stock company. iMENA will relocate to Riyadh in preparation for a potential IPO within two years, with Yalcin joining the company’s board of directors to guide its strategic direction, the statement read. Usman Sikandar, Head of Investment Banking at Al Rajhi Capital — which acted as financial advisor on the private placement — also holds a seat on the board.

The tech IPO pipeline is looking hot: iMENA is gearing up to list on the Saudi Exchange, along with other MENA tech firms like fintech unicorn Tabby and tech services firm Ejada Systems.

About iMENA: Founded in 2012, iMENA operates platforms across the real estate, automotive, and mobility sectors in the Middle East, with the bulk of its market share in Saudi Arabia and the UAE. The company is in the black with an annual growth rate exceeding 55% annually and almost 40% of aggregate revenues coming from Saudi Arabia, according to the statement.

The story also got ink from Bloomberg.

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