Saudi Proptech Startup Rize Raises $2.9 Million in Seed Round
The property-tech company’s rent-now-pay-later system gives tenants flexibility in their monthly rent payments.
Saudi property-tech startup Rize has raised $2.9 million in an investment seed round, with investment from various venture capital firms as well as a group of angel investors. Additional funds were also raised through debt to bolster the company’s investments in real estate.
Founded by Ibrahim Balilah and Mohammed Al Fraihi in 2021, Rize offers a rent-now-pay-later model, allowing tenants flexibility in their monthly rent payments. “Our latest funding reinforces our commitment to streamlining property interactions, making rental processes efficient and more tenant-friendly,” Mohammed Al Fraihi, co-founder and CTO, tells StartupScene. “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.”
Rize’s mission is very much in line with the Saudi Arabian government’s new online platform, Ejar, which aims to streamline the property leasing process 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,” Ibrahim Balilah, co-founder and CEO of Rize, says.
The significant portion of the prospects of Vision 2030 are rooted in huge real estate projects being undertaken across the Kingdom. The considerable proliferation of proptech companies is expected to continue to grow, at an annual rate of 7.89%, in line with the growth in residential and commercial properties throughout the country.
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Jan 31, 2024