Saudi Proptech Startup Ajras Secures $28 Million in Seed Funding Round

Saudi proptech startup Ajras has secured a seed funding round of $28 million led by Saudi investment firm Madarek International.

Founded in 2022, Ajras operates an online platform that connects small and medium-sized businesses seeking commercial rental spaces with property owners.

The platform allows business owners to submit lease applications, which Ajras reviews and processes if approved. Ajras then leases the space from property owners and collects monthly rent installments from tenants, remitting payments to landlords. This model aims to help owners achieve high occupancy while providing tenants flexible rent payment solutions.

The funding, comprising both equity and debt financing, will support Ajras' expansion plans, enhancing its core product of streamlining long-term commercial lease payments.