Alwaleed’s Kingdom Holding leads $133m funding for Saudi delivery app Nana

Saudi billionaire Prince Alwaleed Bin Talal’s investment firm led a $133m 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.

يسرنا الإعلان عن اغلاقنا اليوم، جولة استثمارية (Series C) بقيادة شركة المملكة القابضة و يوني فينتشرز(Uni-Ventures) أورسكوم، ومشاركة سلطان القابضة و الجاسر القابضة وشركة الألماس الأحمر ومجموعة دلة البركة والجماز القابضة، وعدد من المستثمرين الآخرين. pic.twitter.com/eFvZplbQ36

— Nana | نعناع (@NanaAppSA) February 7, 2023

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 chief executive officer Sami Alhelwah.

Started in 2016, Nana raised $18m 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, Dallah Al-Baraka Group, AlJammaz Holding and several other investors.

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