Riyadh – Sharikat Mubasher: Saudi-based proptech Ejari announced the closing of a $14.65 million (SAR 55 million) seed financing round led by PFG and BECO Capital with the participation of anb seed, Alinma Bank (Alinma Pay), Rua Ventures, Vision Ventures, and Aqar platform, Saudi’s leading property listing platform along with the participation of existing investors Salica Oryx Fund.
The round is a mix of debt and equity with the debt provided from California-based Partners for Growth. While the participation of our key investor Alinma Bank coming through the investment technology arm Alinma Pay, according to the company’s press release.
With this new investment, the company seeks to enhance its technology, expand its product offerings, and deliver exceptional value to its clients.
Ejari is on a mission to democratize access to the rental market and lower barriers for tenants, and this funding is aimed at fueling these plans.
Ejari offers a unique Rent Now, Pay Later (RNPL) solution addressed to the Saudi real estate rental market where an estimated +70% of rentals are paid on an annual or bi-annual basis, addressing the need for more flexible payment options.
In less than a year since launching, Ejari has received over $30mn in demand for its RNPL service and today it operates in 17 cities across 8 regions in Saudi Arabia.
