Saudi Arabia’s real estate landscape is making significantly innovative strides with proptech startup Rize triumphantly closing a $2.9 million seed funding round, taking a leap forward in its expansion trajectory.
The investment surge was powered by notable investors including SEEDRA Ventures, HALA Ventures, Joa Capital, RZM Investments, Bonat Investments and Nama Ventures, alongside support from several angel investors.
Rize, founded in 2021 by Ibrahim Balilah and Mohammed Al-Fraihi, has disrupted the market with its innovative “rent now, pay later” model. This inventive approach empowers tenants to manage their rental payments through manageable monthly installments, easing financial strains and enhancing housing accessibility.
With a strategic eye on expanding its foothold in the Saudi real estate arena, Rize has also bolstered its financial position through debt financing and reinforcing its commitment to industry innovation.
The freshly secured capital is poised to propel Rize’s expansion ambitions across the Kingdom, extending its reach and influence within the Saudi real estate sector. By broadening its footprint, Rize aims to extend its flexible payment solutions to a wider tenant base, championing affordability and convenience in the rental landscape.
This funding milestone underscores the investor interest in proptech solutions addressing pivotal industry challenges. Ibrahim Balilah, Rize’s CEO, expressed, “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.”
As Rize continues to set on an ambitious course forward, the Saudi real estate market awaits the transformative impact of its innovative solutions.
