Finance Investcorp leads $130m pre-IPO funding for Saudi startup By Pramod Kumar March 5, 2024, 7:12 AM Unsplash Saudi e-commerce software startup Salla has enabled $7bn in e-commerce sales since 2020 Salla, a Saudi e-commerce software startup, has raised $130 million in its pre-IPO investment round, led by Bahrain’s alternative asset manager Investcorp. Sanabil Investment, a subsidiary of Public Investment Fund and STV, a venture capital investor and an existing Salla shareholder, also participated in the transaction, Investcorp said in a statement. Bahrain-headquartered Investcorp made the investment through its Saudi pre-IPO growth fund. As part of the deal, Robin Mansour, principal at Investcorp, will join the board of the Saudi startup. Investcorp stays cool on digital assets Investcorp lines up diverse strategies for east and west Investcorp seeks more global airport and seaport stakes Salla, established in 2016 in Makkah, allows merchants to tap into a $20 billion e-commerce market expected to grow over 25 percent year on year in the coming years. Since 2020, the company has recorded $7 billion in e-commerce sales and serves over 80,000 active merchants on the platform. “We see great interest in the potential of Saudi companies to IPO, especially as scale-ups and unicorns demonstrate local and regional success,” said Walid Majdalani, head of emerging markets private equity, Investcorp. Investcorp’s fund has previously led a pre-IPO funding round in UAE’s TruKKer, followed by an investment in NourNet, a Saudi ICT company. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
