- Rize secures $2.9 million, reflecting investor confidence in its Saudi Arabian rental market vision.
- Rize introduces a “Rent Now, Pay Later” system, offering flexible monthly installments for tenants, reshaping the real estate landscape.
- Rize aligns with Saudi Arabian initiatives, leveraging technology to enhance the rental market and tenant experience.
Rize has closed its seed round, securing $2.9 million and has also raised additional funds through debt to boost its investments in real estate. The round saw participation from investment VCs like Seedra Ventures, Hala Ventures, JOA Capital, RZM Investments, Bonat Investments, and Nama Ventures, as well as a group of angel investors.
Founded in 2021 by Ibrahim Balilah and Mohammed AlFraihi, Rize aims to revolutionize the rental landscape in Saudi Arabia. Their innovative “Rent Now..Pay Later” product seeks to make flexible monthly instalment payments the standard in the real estate market.
Ibrahim Blileh, Co-Founder and CEO of Rize, expressed confidence in their vision, citing investor support and the growth of the Ejar platform. He emphasized plans for expansion across the Kingdom.
Mohammed Alfraihi, Co-Founder and CTO, highlighted their commitment to simplifying property interactions and enhancing tenant experiences. He also mentioned aligning with the Kingdom’s initiatives to improve and regulate the real estate market.
Walid AlBarrak, from Seedra Ventures, praised the government’s support for digital transformation in real estate and expressed confidence in Rize’s ability to drive innovation and improve the tenant experience. He emphasized the founders’ expertise and the company’s progress.
This announcement marks a significant milestone for Rize, solidifying its position as a leading real estate technology company dedicated to enhancing comfort and flexibility for tenants in Saudi Arabia.
The successful closure of its seed round, coupled with additional funding through debt financing, underscores investor confidence in the company’s vision and potential for growth. With plans to expand across the Kingdom and a commitment to leveraging technology for the benefit of tenants, Rize is poised to continue its transformative impact on the rental industry in Saudi Arabia.
Follow us on Instagram, LinkedIn, and Twitter for startup & business news and inspiring stories of MENA businesses, entrepreneurs, startups, innovators, investors, and change-makers.
To report any issue or error in the story, please email us editor [at] rasmal [dot] com.
Last Updated on February 17, 2024 by Safiya K
