Saudi Arabia's online grocery platform Nana raises USD6.6 million investment from Impact46

The company is said to use the new capital to accelerate growth plans.
Saudi, Arabia, Nana, Online, Grocery, Market, Investment


Middle East Venture Partners (MEVP) and Impact46 have invested in Nana direct, a major online grocery buying and delivery platform in Saudi Arabia which currently serves 13 cities.

The USD6.6 million (Dh24.2 million) deal marks the debut investment for the partnership between MEVP and Impact46. While MEVP is a Middle East focused venture capital company that invests in the early and growth stages of companies, Impact46 is an asset manager in Riyadh focused on the technology space. Other investors include Watar Partners, Saudi Venture Capital (SVC) and Wamda Capital.

Mobile-only company Nana Direct's technology suite brings together grocery customers, in-store pickers, supermarkets and last-mile delivery fleets. It builds its technology systems in-house and the company said its turnover has increased three-fold in the past year and is well on its way to top that this year.

Sami Alehlwah, the founder and chief executive of Nana Direct said “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.”

Nana, aside from its online presence, already has partnerships with most hypermarkets in Saudi Arabia and more than 50 specialty stores. It is also in advanced talks to bring more vendors to its platform and is said to use the new capital gained from investment to accelerate growth plans and continue to build its team.

Webinar #2 | Register to attend - Intergenerational signalling consolidation for the 5G era

Join CommsMEA, Deutsche Telekom and NetNumber as they explore opportunities for intergenerational signalling consolidation for the 5G era. The webinar is free but can only be accessed by registering below in advance.

Editor's Choice

Emerson expands analytics platform for industrial enterprise-level wireless infrastructure management
Plantweb Insight platform adds two new Pervasive Sensing applications that manage wireless networks more efficiently with a singular interface to the enterprise
Digitalisation seen as a competitive advantage by Middle East private businesses
Nearly 80 per cent of private business leaders acknowledge that digitalisation can impact business sustainability
Etisalat introduces Multi-Access Edge Computing architecture delivering best-in-class video streaming performance for 5G networks
MEC architecture achieves performance gains of as much as 90% in video streaming, validating how ultra-low-latency applications will be delivered over 4G and 5G networks

Most popular

Don't Miss a Story