이 기사는 2022년 02월 07일 07시37분 thebell에 표출된 기사입니다

IMM Investment is expanding its presence in the Middle East by using a private equity fund jointly managed by Shorooq Partners, an Abu Dhabi-based venture capital firm.

IMM Investment Global, the Seoul-based firm’s Hong Kong unit, and Shorooq Partners recently invested $7 million in Retailo’s Series A funding round closed at $36 million, according to industry sources. The round was led by Silicon Valley-based Graphene Ventures.

Founded in July 2020, Retailo is a Riyadh-based B2B ecommerce startup, with its service offered in 10 cities across three countries including Pakistan, the UAE and its home country of Saudi Arabia.

Retailo has grown rapidly since its inception thanks to its quick delivery service and flexible payment options. It operates a network of logistics service providers to deliver a range of items within 24 hours.

The $7 million investment was made from Nahda Fund I, a joint fund of IMM Investment and Shorooq Partners. The fund held a first close at $25 million in the second half of 2021 and is said to continue to raise capital.

Retailo is the fund’s second investment after Pure Harvest, a UAE-based agritech startup, where the fund reportedly invested about $4 million last November.

IMM Investment reportedly plans to raise another fund in partnership with Shorooq Partners. With approximately $45 million in assets under management as of the end of 2020, the Abu Dhabi-based venture capital firm focuses on investments in companies in the Middle East. Shane Shin, a former Wall Street banker, is one of the firm’s founding partners.

IMM Investment’s expansion into the Middle East will continue to be led by its Hong Kong unit, whose chief executive is former Morgan Stanley banker Young-joon Lee. (Reporting by Byung-keun Kam)