Riyadh: Saudi billionaire Prince Alwaleed Bin Talal’s investment firm led a $133 million funding round for a grocery delivery app in the kingdom as demand for online shopping climbs.
Kingdom Holding and Uni Ventures led the series C funding for Nana “in one of the largest investment rounds for Saudi startups,” according to a statement.
Demand for online retail is expected to grow in the Middle East, given that e-commerce penetration lags other parts of the world. That’s largely because consumers prefer to pay with cash rather than use credit cards online.
“The success of this round heavily supports our expansion plans and continuity towards the provision of more diversified services that serve all stakeholders,” said Nana CEO Sami Alhelwah.
Started in 2016, Nana raised $18 million from investors including venture capital fund STV and Middle East Venture Partners, Alhelwah told Bloomberg in 2020.
The latest funding was also had participation from Sultan Holding, Al Jasser Holding, Red Diamond Co., Dallah Al-Baraka Group, AlJammaz Holding and several other investors.