SellAnyCar Founder Saygin Yalcin leads $135m investment into regional digital powerhouse iMENA, alongside PIF’s Sanabil ahead of potential IPO
iMENA Restructures as Saudi CJSC and Announces First Tranche of Pre-IPO Capital Increase
$135M Capital Raise, Comprised of Private Placement and In-Kind Contributions, Aims at Increasing iMENA’s shareholding in Existing Businesses
Company completes restructuring into a Saudi company, iMENA Holding
Transformation part of evolution into regional digital powerhouse.
Riyadh, Saudi Arabia; 25th April 2025: iMENA Group (“iMENA”), a regional leader in digital platforms in the MENA region, has raised a $135 million from Saygin Yalcin, the Founder and CEO of SellAnyCar, Sanabil Investments, a wholly owned company by the Public Investment Fund (PIF), FJ Labs, a global venture capital firm known for backing category-leading marketplace and network-effect platforms, and a number of other leading Saudi investors.
The capital raise is compromised of a private placement and in-kind contributions and is the first tranche of a pre-IPO funding round.
The new funding round will be used to increase iMENA’s shareholding in high-performing businesses: SellAnyCar.com, OpenSooq.com, and Jeeny.me; to drive vertical and geographic expansion; and to improve synergies across all three platforms.
“Once again, this is a great moment for the Middle East’s startup scene, an inspiration for all aspiring entrepreneurs looking to start innovative businesses in the Arab world and a regionally native group serving all consumers with world-class technologies.” – Saygin Yalcin
iMENA confirmed that it has now restructured into a Saudi Closed Joint Stock Company (CJSC) under the name of iMENA Holding.
This transformation marks a major milestone in the company’s evolution into a regional digital powerhouse, ahead of a potential public listing. Furthermore Saygin Yalcin will join iMENA’s Board of Directors and management committee to lead strategic direction for the company.
“We are excited to invest in iMENA Holding, a digital platform with proven scalability and profitability. Leveraging our own experience in internet marketplaces, we understand their unique strategy and are committed to bringing our expertise to support their growth and future IPO aspirations on the Saudi Exchange.” Spokesperson at Sanabil Investments
Sanabil Investments will also appoint a member to the Board of Directors of iMENA Holding in due course.
OpenSooq, SellAnyCar, and Jeeny, are regional leaders in horizontal and vertical marketplaces across the largest sectors in the region, including real estate, automotive, and mobility, with operations in Saudi Arabia, UAE, Jordan, Oman, Kuwait, and the broader Middle East region. All businesses are profitable and growing rapidly, with an average annual growth rate exceeding 55%. Almost 40% of the aggregate revenues come from Saudi Arabia, with another 40% from the UAE, making them two core strategic markets.
Al Rajhi Capital is acting as financial advisor to iMENA Holding on the private placement.
Closing of the capital raise remains subject to standard closing conditions and the approval of the authorities in Saudi Arabia.
SayginYalcin Saygin is the Founder & CEO of the Middle East's (ME) first & largest car buying service, SellAnyCar.com and Founder of the first & largest online private shopping club in the ME, Sukar.com, which has been acquired by Souq.com, making him Partner at the Souq.com and Jabbar Internet Group, becoming the largest ecommerce company in the Arab world, with 3000+ employees. In its largest acquisition outside the US to date, Amazon.com has acquired Souq.com Group. He has been selected as a UBS Industry Leader, a network of Ultra-High-Net-Worth Individuals.
He was also Advisory Board Member & Academic Lecturer of Entrepreneurship at the Canadian University of Dubai.
He was referred to as "the region's online business guru" by the National newspaper in the UAE, while Arabian Business named him as "one of the region's finest young entrepreneurs and a major part of the entrepreneurial scene in recent years".
Fortune magazine (mag) named him in the 40 under 40 list, as one of the most influential young people in business, Entrepreneur mag ME awarded SellAnyCar.com, with Saygin at its helm, as the "Fastest Growing Company in the ME", while the National newspaper sees it among a handful of tech companies to "have the potential to break the $1bn barrier". In a cover story, Entrepreneur mag ME titled him as "undoubtedly one of the youngest & most successful internet entrepreneurs in the ME”, awarded SellAnyCar.com as "Technology Innovator of the Year”, while Khaleej Times awarded him as the Technology Leader. Gulf Business selected him as 1 of the Top 10 Entrepreneurs in ME.
In a cover story, Arabian Business counts him as 1 of the most successful entrepreneurs to call Dubai home. During the World Government Summit, HH Sheikh Saif Bin Zayed, Minister of Interior of the UAE, presented Saygin as an inspiring story for the country, in the presence of world leaders, incl. HH Sheikh Mohammed Bin Rashid Al Maktoum.
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