Saudi Arabia-based e-grocery platform Nana has closed a $6 million Series A round of investment, led by Middle East Venture Partners (MEVP) in partnership with Impact 46, a Saudi Arabian asset management and advisory firm.
The investment will go towards expanding operations in the country. Nana is currently operational in nine cities in Saudi Arabia and is now planning to increase its coverage across the country through marketing, hiring and improving last mile logistics.
Founded in 2016 by Sami Alhelwah and Abdulmajeed Alsukhan, Nana has in total raised $10.4 million.
The Series A investment marks MEVP’s first investment with its partner Impact 46 and Watar Partners in Saudi Arabia. The venture capital company has the option of investing another $5 million in Nana.
“The next step is to invest in Saudi Arabia, we understand technology, [impact46] understand Saudi Arabia," said MEVP founder Walid Hanna who announced the partnership and investment in Nana at MEVP’s annual investor conference. “We are also looking at another opportunity in Saudi Arabia in the food delivery space.”
MEVP also announced its third regional fund with $125 million worth of commitments.