Saudi grocery delivery start-up Nana has raised SR500m ($133m) in a funding round as it looks to expand in the Kingdom, according to a report by the Saudi Press Agency.
Funding in Nana’s record Series C investment round was led by Kingdom Holding Company and Uni Ventures.
Further investment came from Sultan Holding, Al-Jasser Holding, Red Diamond Company, Dallah Al-Baraka Group, AlJammaz Holding and more in what has been heralded as one of the largest investment rounds for a Saudi start-up.
Nana grocery deliveries
Nana CEO Sami Alhelwah said: “We are extremely delighted with the success of this investment round led by the Kingdom Holding Company and Uni-Ventures.
“This milestone is a motivator for us to strengthen Nana’s position as the leading company within the region, as the success of this round of investments heavily supports our expansion plans and continuity towards the provision of more diversified services that serve all stakeholders.”
Nana was launched in January 2016 as the first platform in Saudi Arabia to offer sale and delivery of groceries in Saudi Arabia.
Since launching the app has been downloaded more than 10m times.
Kingdom Holding CEO Talal Almaiman said: “Through this investment, we look forward to supporting Nana in its leadership within the online grocery shopping sector in the Kingdom of Saudi Arabia and the region, as part of the Kingdom Holding Company’s direction towards investments in emerging and promising Saudi companies while strengthening its local investment portfolio.
“We also affirm that we will continue to achieve efforts towards diversifying our investment portfolio while considering investments with exceptional returns.”
Kingdom Holding is considered one of the most successful and diversified global investment companies within the sector. It owns majority shares in various investment sectors ranging from hotel management, media and publishing, social networks, technology and numerous other sectors.
Nayef Aljebreen, Founder and CEO of Uni-Ventures, said: “We are happy to close this investment round for Nana, and we continue to secure exceptional investment opportunities that support the entrepreneurship ecosystem and bold investments within the Saudi and GCC markets.
“Nana is a promising company within the sector, considering its modern technologies and considerable expansion plans to become the leading company in supplying groceries to all households.”
The newly funded retailer does not operate a bricks and mortar store, but aims to deliver groceries to registered app users within 15 minutes.
Nana also seeks to increase its market share in the region, with an estimated market size of $165bn.
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