Monday February 26th, 2024
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Saudi’s Grocery Platform Nana Raises $133 Million in Series C Round

The new funding will be used to expand Nana’s services in Saudi Arabia and across the region.

Startup Scene

Nana, a Saudi-based grocery shopping and delivery platform, has raised $133 million in a Series C round led by Kingdom Holding, an investment company by Saudi Prince Alwaleed bin Talal, and Uni Ventures, a subsidiary of Orascom Investment Group.

The funding round also saw participation from Sultan Holding Company, Al-Jasser Holding Company, Red Diamond Company, Dallah Al-Baraka Group and Al-Jammaz Holding Company, alongside other strategic investors.

Founded in 2016, Nana enables users to order groceries from different supermarkets and have them delivered to their doorstep. According to the startup, orders are delivered to customers within 15 minutes.

“This step motivates us to strengthen the position of the Nana platform to be the leading company in the region, as the success of this round is in the interest of our plans to expand and continue to provide more diversified services to serve all stakeholders,” Sami El-Helweh, CEO of Nana, tells StartupScene.

Nana seeks to increase its market share in the region, which is estimated at $165 billion, the company claims.

The new funding will be used to expand Nana’s services in Saudi Arabia and across the region.

The Saudi startup ecosystem has been booming last year. In 2022, the country attracted almost $1 billion, a 72% increase compared to 2021, according to the Saudi Arabia Venture Investment Report by Magnitt. While fintech was the most funded sector, receiving $239 million, e-commerce was not too far behind with $119 million.

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