|25 March, 2020

STV leads funding for Saudi online grocery delivery firm

Nana, an online grocery and commodities delivery firm in Saudi Arabia, has raised $18mln in "Series B" funding

Artists and designers work on arrangements for clothing items to be sold online at an eBay Fashion photo shoot in San Francisco, California November 4, 2010. Image used for illustrative purpose.

Artists and designers work on arrangements for clothing items to be sold online at an eBay Fashion photo shoot in San Francisco, California November 4, 2010. Image used for illustrative purpose.

REUTERS/Robert Galbraith

DUBAI- Nana, an online grocery and commodities delivery firm in Saudi Arabia, has raised $18 million in "Series B" funding led by Riyadh-based venture capital fund STV, it said on Wednesday.

Nana is allocating the majority of the new funds towards bolstering its growth, it said, expanding its operations and geographical footprint within Saudi Arabia and the wider Gulf region.

In response to the novel coronavirus outbreak, Nana said it has witnessed a significant spike in demand as people look toward technology to stay safe and fulfil their needs in a time of crisis.

The funding round included participation from current investors Watar Partners, MEVP, Saudi Venture Capital Co, and Wamda, as well as existing angel investors.

(Reporting by Saeed Azhar, editing by Louise Heavens) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))

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