V&E Advises on Investment Round Led by Sanabil in MoneyForAnyCar.com Ltd.
The Law Office of Looaye M. Al-Akkas in Association with Vinson & Elkins (V&E) advised Sanabil Direct Investments Company (Sanabil), Gulf Investment Corporation (GIC) and Olayan Financing Company (OFC) on their USD 35 Million Series C funding round in MoneyForAnyCar.com Ltd., a company offering used car valuation and sales services in the Kingdom of Saudi Arabia and the United Arab Emirates through its local vehicle, SellAnyCar.com.
SellAnyCar.com will use the funds raised to expand in the Kingdom of Saudi Arabia, where it already has a presence, and aims to open 100 branches in the Kingdom in the next two years.
Sanabil, which lead the funding round, is an independent commercial investment company established to contribute to the strength and diversification of the Kingdom’s economy and is wholly owned by the Public Investment Fund of the Kingdom of Saudi Arabia. GIC is an investment company equally owned by the governments of the six member states of the GCC fostering the economic growth and diversity of the GCC. OFC is a subsidiary of the Olayan Group, a Saudi conglomerate with a diverse multibillion-dollar investment portfolio concentrated in North America, Europe, Asia and the Middle East.
The V&E team was led by partner Looaye Al-Akkas, with assistance from senior associates Murad Al-Toukhi and Ibrahim Siddiki and associates Abdulaziz Al-Alami, Ghaida Bajbaa and Suzana Vukasinovic.
V&E frequently advise clients such as Sanabil, GIC and OFC on equity investments into Saudi SMEs. These investments focus on supporting projects which add value to, and support the economic development of, the Kingdom of Saudi Arabia.
V&E has in depth experience in advising clients in Saudi Arabia on a broad range of matters. Our Riyadh team is composed entirely of Saudi nationals who are multi-lingual and, in addition to being Saudi licensed lawyers, are admitted and qualified to practice in the United States and in England & Wales. Our lawyers bring deep understanding of Saudi Arabian business, legal and regulatory systems and a long history of advising local, regional and international clients doing business inside and outside of the Kingdom of Saudi Arabia.