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.