Riyadh - Sharikat Mubasher: Saudi proptech startup Rize secured SAR 11 million in a Seed funding round, with participation from investment firms, including SEEDRA Ventures, HALA Ventures, Joa Capital, RZM Investment, Bunat Ventures, Nama Ventures, and a group of angel investors, the company stated in an announcement.
Apart from the seed round, Rize has secured additional funds through debt from multiple sources.
Rize, founded in 2021, aspires to redefine how properties are leased in the Kingdom through its rent now pay later (RNPL) service, which allows renters to pay their dues in monthly installments instead of the traditional lump-sum payments.
Ibrahim Balilah, Co-founder and CEO of Rize, said: “We aspire to make monthly payments the standard in residential and commercial leases, and with this investment and the growth of the Ejar platform, we will be able to expand further across the Kingdom.”
He added that the successful closure of the round reflects the investors’ trust in Rize’s vision to improve the rental industry in the Kingdom.
For his part, Mohammed AlFraihi, Co-founder and CTO of Rize, stated that the funding round underscored the company’s commitment to streamlining property interactions, making rental processes efficient and more tenant-friendly.
