Gig Economy Startup RIZEK Just Landed One of the Largest Seed Rounds in the MENA
This recent round brings RIZEK’s total funding up to $5 million.
RIZEK, an Abu Dhabi-based online jobs marketplace, has just raised $3.5 million in seed funding. The startup is dedicated to support and enabling the region’s gig economy to increase job opportunities through their portal.
The investment round was led by strategic investors such as Abu Dhabi Investment Office (ADIO), E-tech investments and Rozana capital among others. This brings Rizek’s total funding raised to $5 million since their pre-seed round in 2019.
“Most of the big cities in the region have a service-based economy. However, the way these services are delivered happens to be outdated and costly,” says Abdallah Abu-Sheikh, Founder and CEO of RIZEK. “What we plan to do at RIZEK is to essentially democratise the informal workspace by being the first to build a one-stop-shop marketplace for services in the region. This will allow both suppliers as well as consumers to maximise the value and benefit they receive.”
The region’s been eyeing the lucrative world of the gig economy and its endless opportunities for the past few years. According to a research by Oracle, 64% of HR professionals in the UAE believe that the gig economy will bring about a much more seamless recruitment and training process that would reduce costs in the long run. However, the gig economy is perhaps one of the sectors impacted most by the economic downfall brought on by the Coronavirus crisis.
AIDO’s Director-General H.E. Dr. Tariq Bin Hendi commented on the investment saying: “RIZEK is part of a new generation of startups thriving within the Abu Dhabi innovation ecosystem. ADIO’s investment will fuel the next stage of the company’s growth while helping to connect more freelancers and SMEs with potential commercial opportunities.”
RIZEK was quick to adapt their platform so that their service workers are provided with the relevant jobs through their apps in light of the COVID-19 outbreak, such as disinfection services, home cleaning, maintenance, beauty and wellness services.
