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20 Aug 2019

SAUDI ARABIA’S LEADING ONLINE GROCERY PLATFORM NANA (نعناع) RAISES USD 6.6MM IN SERIES A FINANCING CO-LED BY MEVP

Dubai, UAE – 20 August 2019: Middle East Venture Partners (MEVP) and Impact46 have co-led an investment in KSA-based Nana Direct, an online grocery platform serving 13 cities across the Kingdom. Other investors include Watar Partners, Saudi Venture Capital (SVC) Company and Wamda Capital.

Nana has built a technology suite that seamlessly coalesces grocery customers, in-store pickers, Supermarkets and last-mile delivery fleet. The mobile-only company is transforming the traditional supermarket experience and gaining traction all over the KSA.

“Having built several enterprise products in the past, I wanted to tackle a core consumer challenge and was curious to build technologies to resolve it. Groceries form a significant fraction of a Saudi family’s monthly expenditure and I believed the experience they get in return could be enhanced manifold. All around MENA more and more offline retail verticals from electronics to food were moving online, and this is what led me to Nana, a supermarket in your mobile phone,” said Sami Alhelwah, Founder & CEO of Nana Direct.

Nana prides itself as a completely home-grown start-up having envisioned and delivered a revamped grocery experience through technologies built completely in-house. This has allowed Nana to act with nimbleness in times of integration with stores and supermarkets. The platform has grown 3X in turnover in the past year and is well on its way to better it in 2019.

“Our stores and supermarkets are the real champions. They shared the vision we had and have been so forthcoming throughout the integration cycle. It just goes to show that businesses, small and large, are welcoming technological innovation and that bodes well for all of us,” Sami added.

The deal also marks the debut investment for the partnership between MEVP and Impact46.

“At MEVP, we like to back strong founders with exceptional technical capabilities, who are building truly differentiated products; and that is exactly what we saw in Nana. What the Nana team does very well, is offer a large selection of products, delivered seamlessly; and this is executed on the back of very robust tech,” noted Walid Mansour, Partner and Chief Investment Officer (CIO) at MEVP. “I am equally excited for our partnership with Impact46. Together, it is our endeavor to unearth and back, in all possible ways, the next generation of tech and internet companies in the Kingdom.”

For Saudi Venture Capital Company (SVC) this is an exciting investment in line with their overall objective. Dr. Nabeel Koshak, CEO of SVC said: “Our goal is to minimize current equity financing gaps for startups in Saudi Arabia by co-investing in different sectors. We believe in startups such as Nana Direct with growth potential. They have a promising team and we believe they can take online grocery to the next level.”Nana is in advanced stages of onboarding new stores and supermarkets to offer greater availability to users. It will use the new capital to accelerate its growth plans, continue to build its team and further develop vendor relations.

-ENDS-

About Middle East Venture Partners (MEVP)
MEVP is a Middle East-focused venture capital firm that invests in the early and growth stages of innovative companies run by talented entrepreneurs in the Middle East region with a focus on the GCC and Levant countries.

With a team of 22 VC professionals across offices in Dubai, Beirut, Bahrain and Riyadh, MEVP manages 4 regional funds with more than USD 260 million in Assets Under Management. MEVP is the largest and most established VC firm in the region, with clear cross border investment appetite.

About Impact46
Impact46 is a Riyadh based asset management firm focusing on the tech space. Impact46 aspires to become be a catalyst in the Kingdom’s transformation plan. Built on the promise of offering innovative investment products to investors in the region. Impact46 built a team of 7 professionals with diverse backgrounds spanning across different industries. 

About Nana
Nana Direct is Saudi Arabia’s leading e-Grocery Marketplace platform, operating in 13 cities across KSA and counting. Born in Riyadh with a mission to be the leader in the revolution of grocery shopping across the MENA region through technology.

Nana operates as on demand delivery platform, facilitating deliveries to your door through a click of a button. With partnerships with most hypermarkets in KSA, and more than 50 specialty stores.

Nana solutions cater its products to the whole ecosystem: consumers, stores & retailers, shoppers & deliverymen as well as the CPG companies. 

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