The archive · Commerce & Marketplaces · Product decision · 2016–2023
Nana's dark-store grocery bet in Saudi: $133M from Kingdom Holding, 10M downloads
Saudi grocery platform Nana built 15-minute dark-store delivery from 2016, then raised a record $133M Series C led by Kingdom Holding in 2023.
Nana
What the business is
Saudi e-grocery platform running dark stores that pick and deliver household grocery orders within 15 minutes, with plans to expand into adjacent delivery services across MENA.
Starting capital：$18M Series B led by STV (2020); 500-million-riyal ($133M) Series C in Feb 2023 led by Kingdom Holding and Uni-Ventures
How it started
Nana was launched in January 2016 by Abdulmajeed Alsukhan and Sami Alhelwah as the first platform in Saudi Arabia to handle household grocery needs digitally. The founders' premise was that ordering groceries from a phone would beat the weekly supermarket trip — but only if fulfillment was fast, reliable and cheap enough to become a habit.
What happened
Nana pioneered the dark-store model in the Saudi market, delivering orders within 15 minutes from closed shops, and by early 2023 claimed more than 10 million downloads and record order volumes. It raised an $18M round in 2020 led by STV with Middle East Venture Partners participating, and in February 2023 closed a 500-million-riyal ($133M) Series C led by Kingdom Holding — Prince Alwaleed bin Talal's investment firm — and Uni-Ventures, with Sultan Holding, Al-Jasser Holding, Red Diamond Company, Dallah Al-Baraka Group and AlJammaz Holding joining. The round, described by Wamda as one of the largest for a Saudi startup at the time, was aimed at strengthening Nana's position as the leading e-grocery platform in Saudi and MENA and expanding into a regional market the company estimated at $165 billion.
How it ended up
Still scaling: after the February 2023 Series C, Nana continued to operate as Saudi Arabia's leading e-grocery platform with 10M+ downloads, planning regional expansion and more diversified services; no later valuation or exit has been disclosed.
Background
Nana is a Saudi e-grocery platform launched in January 2016 by Abdulmajeed Alsukhan and Sami Alhelwah, the first digital grocery solution in the kingdom. It built dark stores in Saudi cities and promised 15-minute delivery, betting that fast, reliable phone ordering would displace the weekly supermarket trip in a market the company estimated at $165 billion.
By early 2023 Nana reported more than 10 million downloads and record order volumes, after raising an $18M round led by STV with MEVP in 2020. In February 2023 it closed a 500-million-riyal ($133M) Series C led by Kingdom Holding and Uni-Ventures — one of the largest rounds for a Saudi startup at the time — with Sultan Holding, Al-Jasser Holding, Red Diamond Company, Dallah Al-Baraka Group and AlJammaz Holding participating.
The round funded expansion of Nana's dark-store network and more diversified services across MENA, with Kingdom Holding's CEO stating the investment was aimed at making Nana the leader in digital shopping in Saudi Arabia and the region. As of February 2023 the company remained privately held and scaling, with no valuation or exit disclosed.
What has to be true
- Saudi grocery shopping was still a weekly, offline ritual in 2016, leaving a first-mover gap for a digital, phone-first grocery platform.
- The dark-store model made 15-minute delivery operationally possible, creating a speed advantage over supermarket chains and marketplaces without local stock.
- Ten million downloads and record order volumes proved household demand, giving the company leverage to close a record Saudi round.
- Kingdom Holding's participation — the investor behind major regional and global brands — signaled confidence that Saudi e-grocery was a $165 billion opportunity worth backing.
What can be applied
Speed is a wedge, not a moat: Nana's 15-minute dark stores won leadership and capital, but the round's rationale was the $165 billion regional market — expansion, not just delivery speed.
Aftermath
As of February 2023, Nana operates as Saudi Arabia's leading e-grocery platform with more than 10 million downloads, using a dark-store model that delivers orders within 15 minutes. Its $133M Series C, led by Kingdom Holding and Uni-Ventures with participation from several Saudi family groups, was described as one of the largest investment rounds among Saudi startups, and the company said it would use the funds to strengthen its position in the kingdom and expand across MENA with more diversified services. No valuation, revenue or exit figures have been disclosed.
Sources
- Nana raises $133 million in a Series C round led by Kingdom Holding
- Saudi start-up Nana raises $133m to fuel growth
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