Saudi Arabia-based proptech Ajras has raised a $28 million (SAR 105 million) Seed round led by Madarek International in a mix of debt and equity capital.

Ajras was founded in 2022 by Muath Aljubailan, Abdullah Al Qarni, Ahmed Al Tamimi, Suleiman Aljarbou, and Suhail Al Tamimi.

Ajras offers flexible payment solutions for landlords and tenants. It primarily caters to retail businesses, enabling them to pay their annual rent in installments and accordingly better manage their cash flow.

The funds will be used to expand Ajras to enhance focus on its core product: streamlining the payment process for long-term leases of commercial properties.