- Rize raised $35 million in Series A funding, led by Raed Ventures and supported by prominent investors.
- The startup’s RNPL model allows tenants to pay annual rent in flexible monthly installments.
- The funds will enhance Rize’s technological offerings and support its expansion across Saudi Arabia.
Rize, a Saudi Arabia-based proptech startup, has successfully closed a $35 million Series A funding round. This mix of equity and debt investment was led by Raed Ventures, with additional contributions from SEEDRA Ventures, Aqar Platform, JOA Capital, NAMA Ventures, and HALA Ventures.
Founded in 2021 by Ibrahim Balilah and Mohamed AlFraihi, Rize revolutionizes the rental market with its “Rent Now, Pay Later” (RNPL) model. This innovative approach allows tenants to pay annual rent through flexible monthly installments, easing the financial burden for renters.
This funding round also includes a debt-financing partnership with Partners For Growth, bolstering Rize’s financial stability and supporting its ambitious plans. The company aims to use this investment to enhance its technology-driven solutions, automate leasing processes, and strengthen its presence across Saudi Arabia, including Riyadh, Eastern, and Western regions.
The RNPL service is set to expand further as Rize collaborates with Aqar Platform, integrating the feature into their services. This strategic partnership is expected to simplify leasing processes and offer more convenient options for tenants.
Co-founder and CEO Ibrahim Balilah expressed gratitude for the investor confidence, stating, “This investment is a pivotal moment for Rize. We are committed to advancing the leasing sector with innovative solutions that benefit tenants and property owners alike.”
Raed Ventures, which led the funding round, praised Rize’s vision and capabilities. Co-founder Omar Al-Majdouie highlighted the company’s potential to transform the real estate market, aligning with Saudi Arabia’s push for digital innovation.
Rize has already achieved remarkable milestones, processing over half a billion SAR in rental value through its platform. The new funding will propel its growth trajectory, empowering the company to reshape the rental market further and align with the Kingdom’s vision for economic diversification.
Also Read: The Rise of Rent-Now-Pay-Later (RNPL) in the UAE
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