The new funds will be used for a further expansion of operations.
Kuwaiti-based venture capital (VC) firm, Faith Capital, has invested an undisclosed amount into Saudi Arabian e-commerce platform, Nana.
Founded in 2015, Nana’s growth and current operation in 14 Saudi cities has seen it triple its turnover in the past year alone, establishing partnerships with Carrefour, Panda, Spar, Farm Superstores, and Manuel.
The startup also secured $18 million in March 2020 during a Series B round led by Wamda, Saudi Technology Ventures (STV), and Middle East Ventures (MEVP).
Faith Capital announced its participation in Nana’s convertible round on Sunday, and hopes that its investment will help the startup expand operations and provide a more seamless experience for hypermarkets to showcase their inventory online.