Nana – A Saudi-based online grocery platform has raised $133 million in Series C funding led by  Kingdom Holding and Uni Ventures.

Nana was founded in 2016 to help customers order commodities and groceries from the comfort of their homes. 

The funding will enable NANA to grow its roots firm into neighbouring GCC countries and Saudi Arabia. 

When Sami Alhulwah, Abdulmajeed Alsukhan and others founded NANA IN 2016 the company’s goal was to make help users buy groceries from their favourite shops from the comfort of their own homes and have them delivered to their doorstep.  NANA works by connecting customers to their favourite supermarkets where the in-store pickers will browse the aisles for the product and is delivered it to the customer. 

NANA has the potential to grow as they are targeting the second largest expenditure in Saudi “Needless to say, the opportunity for Nana to digitize the market is substantial, considering that the grocery market in Saudi Arabia, UAE and Egypt alone amounts to $83 billion.” 

NANA received an investment amount totalling 133 million US dollars, with the participation of  Al-Jasser Holding, AlJammaz Holding, Dallah Al-Baraka Group, Red Diamond Company and Sultan holding. The amount raised by NANA on its round 3 series is considered to be one of the largest amounts collected by a Saudi Startup Company. 

As the chief executive of Uni-Ventures Nayef Al-Jibreen said “We are happy to close this round for Nana, as the round received a great turnout from strategic investors, and we are working on qualitative investment opportunities that support the system of entrepreneurship and bold investment in the Saudi and Gulf market”  

 Nana has raised in total an estimated $212M since its founding, this will empower the company to diversify its reach and promote its growth for the long term. As customer behaviours are shifting more towards digital services this will give more exposure to the services provided by NANA. 

As NANA closes its series c funding on  Feb 8, 2023, they have 14 investors including Kingdom Holding Company and Uni-Ventures. The Kingdom Holding Company is considered to be the leading investment firm in Saudi Arabia with its diversified investments around the globe. The investment diversity of Kingdon holding spans management, media, technology and other industries. 

The Riyadh-based startup has also innovated a 15-minute delivery system in Saudi Arabia called Dark Store Model. Nana is also planning to increase its market share to an estimated $165 billion. The growth of startups like NANA is showing signs of a growing start-up ecosystem in Saudi. 

 

Pic Credit- Pexels ( Kindel Media)