Saudi Proptech Startup Rize Secures $2.9 Million in Seed Funding

Saudi Proptech Startup Rize Secures $2.9 Million in Seed Funding

Rize, a Saudi Arabian proptech startup, has successfully closed its seed funding round, raising $2.9 million to support its innovative initiatives in the real estate sector. In addition to this funding, the company has also secured additional funds through debt financing. The investment round saw participation from prominent venture capital firms such as Seedra Ventures, Hala Ventures, JOA Capital, RZM Investments, Bonat Investments, and Nama Ventures, along with a group of angel investors.

Founded in 2021 by Ibrahim Balilah and Mohammed AlFraihi, Rize is focused on revolutionizing the rental landscape in Saudi Arabia. With its unique “Rent Now..Pay Later” product, the company aims to introduce flexible monthly installment payments as the standard practice in the real estate market.

Commenting on the funding round, Ibrahim Balilah, Co-Founder and CEO of Rize, expressed gratitude for the investors’ confidence in the company’s vision. He emphasized Rize’s commitment to making monthly payments the norm in both residential and commercial leases, leveraging the growth of the Ejar platform to expand its presence across the Kingdom.

Mohammed AlFraihi, Co-Founder and CTO, highlighted Rize’s dedication to simplifying property interactions and enhancing the rental process for tenants. He also underscored the company’s alignment with Saudi Arabia’s initiatives to enhance and regulate the real estate market through technology-driven solutions.

Walid AlBarrak, representing Seedra Ventures, praised the Saudi government’s support for digital transformation in the real estate sector and reiterated the firm’s confidence in Rize’s ability to drive innovation and improve the tenant experience. He commended Rize’s founders for their deep understanding of the sector and their technical expertise, expressing optimism about the company’s rapid growth and its contribution to the rental sector in the Kingdom.

This funding marks another milestone in Rize’s journey as a leading real estate technology company dedicated to enhancing comfort and flexibility for tenants in Saudi Arabia.

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