Nana Secures $18M in Series B Funding Amid Covid-19 Surge
Nana, a leading online grocery platform based in Riyadh, has secured $18 million in a Series B funding round. This significant investment comes amidst a surge in demand due to the Covid-19 outbreak, with Nana tripling its capacity to meet consumer needs. The funding round was co-led by Saudi Technology Ventures (STV) and Middle East Venture Partners (MEVP), with participation from existing investors Watar Partners, Saudi Venture Capital Company (SVC), Wamda, and angel investors.
Founded in 2016, Nana enables users to order groceries from various supermarkets and shops, offering fast and convenient doorstep delivery. The startup has witnessed a multiple-fold increase in demand since the Covid-19 outbreak, reflecting a broader shift in consumer behavior towards digital services. To date, Nana has raised over $26 million in funding, including a $6 million Series A round last year. With the new funds, Nana plans to expand its operations and geographical footprint within Saudi Arabia and the GCC, preparing for its entry into neighboring GCC countries as a first move outside of Saudi Arabia. The online grocery market in Saudi Arabia, UAE, and Egypt amounts to $83 billion, presenting a significant opportunity for Nana's growth.
Nana's Series B funding will likely be used for expansion within Saudi Arabia, technological advancements, and potential mergers and acquisitions. An international expansion is expected, with the UAE, Kuwait, Qatar, Bahrain, and Oman being the most probable markets. However, Nana has not yet officially announced its expansion plans. Keep an eye on Nana's official channels for updates on its international expansion.
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