- Saudi Arabia-based proptech Rize, has raised a $2.9 million Seed round from Seedra Ventures, Hala Ventures, JOA Capital, RZM Investments, Bonat Investments, and Nama Ventures, as well as a group of angel investors.
- The company announced it has also raised funds through debt to bolster its investments in the real estate sector.
- Founded in 2021 by Ibrahim Balilah and Mohammed AlFraihi, Rize adopts the rent-now-pay-later model, which allows tenants to pay their rent in flexible monthly instalments.
- Rize will use the investment to enhance its expansion across the Kingdom of Saudi Arabia.
In affirmation of its pioneering and innovative vision, Rize has announced the closure of its seed round, raising $2.9 million. Concurrently, the company has raised additional funds through debt to bolster its investments in the real estate sector. The round witnessed participation from the investment VCs including Seedra Ventures, Hala Ventures, JOA Capital, RZM Investments, Bonat Investments, and Nama Ventures, as well as a group of angel investors.
Rize, founded in 2021 by Ibrahim Balilah and Mohammed AlFraihi, is determined to transform the rental landscape in the Kingdom of Saudi Arabia. Thanks to its innovative "Rent Now..Pay Later" product, the company aims to make the shift of rental payments to flexible monthly instalments the norm rather than the exception in the real estate market.
Commenting on the round, Ibrahim Blileh, Co-Founder and CEO of Rize, said: "The confidence shown by investors in this round reflects their belief in our vision to improve the rental industry in the Kingdom. We aspire to make monthly payments the standard in residential and commercial leases, and with this investment and the remarkable growth of the Ejar platform, we will be able to expand further across the Kingdom."
Mohammed Alfraihi, Co-Founder and CTO, stated: “Our latest funding reinforces our commitment to streamlining property interactions, making rental processes efficient and more tenant-friendly. Furthermore, we are enthusiastic about aligning with the Kingdom’s initiatives to improve and regulate the real estate market, leveraging our technology-driven solutions to contribute to this transformative period. ”
Walid AlBarrak, from the investment team of Seedra Ventures, added, "The strong government support for digital transformation in the real estate sector, including initiatives like the Ejar platform, provides an ideal environment for growth and innovation. Our repeated investments in Rize, culminating today in the third investment in the company, reflect our strong belief in their ability to stimulate innovation in the market and improve the tenant experience. The deep understanding of the sector and the tremendous technical capabilities demonstrated by the founders Ibrahim Balilah and Mohammed Alfraihi, along with the tangible progress achieved under their leadership, make us confident in Rize's ability to achieve rapid growth and make a significant contribution to the rental sector in the Kingdom."
This announcement comes as a new step in the ambitious journey of "Rize", reinforcing its status as a leading real estate technology company working to achieve comfort and flexibility for tenants in the kingdom of Saudi arabia.