The venture capital arm of Saudi Arabia’s sovereign wealth fund has backed a $135 million fundraising round for technology firm iMENA Holding as the company plans for an initial public offering in the kingdom.
Sanabil Investments injected capital into iMENA along with investors including New York-based VC firm FJ Labs, according to a statement on Sunday. The funding coincides with a shift by iMENA to restructure into a Saudi company and base itself in Riyadh ahead of a planned listing on the local stock exalter within two years.
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