Sanabil Investments, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), is providing funding for the Middle East tech firm iMENA Group’s recent capital raise of $135 million. This amount represents the first tranche of funds intended for iMENA’s planned initial public offering (IPO).

In addition to Sanabil, the funding round attracted investments from venture capital firm FJ Labs and Saygin Yalcin, who is the founder and CEO of SellAnyCar. Other Saudi investors also participated in this capital raise, which consists of a private placement along with in-kind contributions. iMENA plans to allocate these funds to increase its stake in various digital marketplaces, such as OpenSooq, SellAnyCar, and the ride-sharing service Jeeny.

The company stated that this funding will facilitate both vertical and geographic expansion. As part of the capital restructuring, iMENA has transitioned into a Saudi Closed Joint Stock Company (CJSC) and will now operate under the name iMENA Holding. Saygin Yalcin will join the board and management committee. Al Rajhi Capital served as the financial advisor for the private placement.

Founded in 2012, iMENA has established operations in Saudi Arabia, the UAE, Jordan, Oman, Kuwait, and across the broader Middle East region.