IslamicFinance.de

A grocery delivery app in Saudi Arabia has raised funds to expand across the Middle East as lockdown measures related to the coronavirus boost demand for online shopping. The Nana app raised $18 million from investors including venture capital fund STV and Middle East Venture Partners. Dubai-based start-up ecosystem enabler Wamda also participated in the investment round, along with Saudi Venture Capital Company (SVC), Impact46 and Watar Partners. Nana founder Sami Alhelwah said the penetration of online grocery shopping in the region is very low and the target is to expand across the region and beyond groceries into other products. Nana wants to become the Amazon of the Middle East and wants to be one of the first technology companies listed in Saudi Arabia.