March 25, 2020 / 1:15 PM / 9 days ago

STV leads funding for Saudi online grocery delivery firm

DUBAI, March 25 (Reuters) - 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)

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