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, Nama Ventures, as well as a group of angel investors.
Founded in 2021 by Ibrahim Balilah and Mohammed AlFraihi, “Rize” is on a mission to revolutionise the real estate rental market in the Kingdom of Saudi Arabia. The company introduces a groundbreaking service that allows renters to pay their dues in convenient monthly instalمments instead of the traditional lump-sum payments. With this “Rent Now, Pay Later” approach, Rize aims to standardise a more flexible payment model, making it easier for renters to manage their cash flow and budgeting for housing expenses.
Commenting on the round, Ibrahim Balilah, 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, The Investment Principal at 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 and Rize team, 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.”
“Unlike most countries, where rent is a monthly expense, Saudi Arabia and some GCC nations face the unique challenge of annual or bi-annual rent payments,” explains Mohammed Alzubi, Founder and Managing Partner of Nama Ventures. “We at Nama knew it was only a matter of time before tech startups addressed this gap by blending Fintech and Proptech solutions. Rize, with its innovative Rent Now Pay Later (RNPL) model, is a no-brainer solution for overcoming these rent challenges in the Kingdom. What truly excited us about this investment, however, is the exceptional synergy between the founders. Ibrahim, a real estate expert, combined with Mohammed, a skilled CTO who can translate Rize’s vision into code, create a formidable team. We’re thrilled to join Rize’s founders and esteemed co-investors in this pioneering entrepreneurial journey.”
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.
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- Source: https://mystartupworld.com/rize-raises-2-9-million-in-seed-round/
