São Paulo – Saudi online shopping app Nana raised USD 18 million from investors to underpin its plans to branch out into the other Gulf Cooperation Council (GCC) countries. The STV fund-led effort drew from Water Partners, MEVP, Saudi Venture Capital Company (SVC), Wamda, and angel investors. The GCC comprises Saudi Arabia, Oman, Qatar, Kuwait, Bahrain and the UAE.
Nana is available in 14 cities across Saudi Arabia and has partnerships in place with the biggest supermarkets in the country, it said a press release. The company claims to be witnessing a significant hike in demand as people turn to technology to meet their needs in safety amid the crisis.
“The startup is prioritizing its social responsibility towards the community, ensuring that people have access to the food and supplies they need,” it said. Nana tripled its capacity over a ten-day period. CEO and cofounder Sami Alhelwah said the newly obtained funds will enable expansion into other cities and countries. STV director Ahmad Alshammari said online shopping in Saudi Arabia is poised to grow eighteen-fold and be on par with global levels.
Pictured, Sami Alhelwah (in the middle)
Translated by Gabriel Pomerancblum
