Middle East e commerce platform noon has raised $500 million in fresh funding, strengthening its balance sheet as it moves closer to a potential public listing and intensifies competition across the region’s consumer internet landscape.
The round was backed by investors linked to Saudi Arabia’s Public Investment Fund, alongside founder Mohamed Alabbar, according to people familiar with the matter. The funding values noon at roughly $10 billion, adding to more than $2.7 billion raised since its launch in 2016, according to Semafor.
Noon operates across e commerce, food delivery, grocery, and logistics services in Saudi Arabia, the UAE, and Egypt, positioning itself as a regional alternative to global players while navigating a far more crowded competitive environment.
The latest funding also reinforces a broader consolidation narrative unfolding in Saudi Arabia’s delivery and quick commerce sector. As previously reported by TechScoop, noon entered into a strategic merger arrangement with Saudi food delivery platform Jahez, as the two companies sought to counter rising competitive pressure from Keeta and HungerStation.
The deal aimed to combine noon’s commerce and logistics infrastructure with Jahez’s large scale restaurant and delivery network, allowing both platforms to increase order density, improve unit economics, and drive higher customer engagement across food and convenience categories in the Kingdom.
Investor interest in scaled regional consumer platforms has increased as markets assess public listings in the sector. Talabat’s IPO has emerged as a key reference point for how Middle East consumer internet companies may be valued and positioned in public markets, providing a benchmark for peers such as noon as they weigh listing options.
Competition has accelerated rapidly over the past year. Global and regional players continue to invest heavily in last mile delivery, dark stores, and on demand services, increasing pressure on margins and raising the importance of scale and operational efficiency.
Support from PIF linked investors underscores Saudi Arabia’s broader strategy to back locally built digital platforms aligned with Vision 2030, particularly companies capable of building durable technology and logistics infrastructure within the Kingdom.
While noon has not announced a formal IPO timeline, market participants expect the company to explore a listing in Saudi Arabia or the UAE within the next two years. If it proceeds, noon’s debut would rank among the most significant technology listings in the Middle East, alongside Talabat, and serve as a bellwether for regional consumer platforms seeking access to public capital.
Noon raises $500 million as investors look for the next Talabat