Rize, a pioneering Saudi real estate technology company, announced the successful closure of a SAR 132 million (USD 35 million) Series A funding round, comprising both equity and debt.

The round was led by Raed Ventures, with participation from SEEDRA Ventures, Aqar Platform, JOA Capital, NAMA Ventures, and HALA Ventures, according to the company’s press release.

The funding highlights strong investor confidence in Rize’s vision to transform the real estate leasing sector in Saudi Arabia. The company also entered a debt financing agreement with Partners For Growth to support its expansion plans, aligning with Saudi Arabia’s broader digital transformation goals.

Founded in 2021 by Ibrahim Balilah and Mohamed Al-Frahi, Rize introduced the innovative “Rent Now, Pay Later” (RNPL) service, enabling tenants to pay annual rents in monthly installments. Since its inception, Rize has achieved significant milestones, including managing rental transactions exceeding half a billion SAR.

Ibrahim Balilah, Co-Founder and CEO commented: “This investment represents a major turning point in our journey and reflects the investors' confidence in our vision to develop the leasing sector. We are committed to providing innovative solutions and improving the rental experience for all parties.”

Mohamed Al-Furaihi, Co-Founder and CTO, added: “We have worked hard to develop our internal technologies to enable the automation process and make the rental experience smoother. This investment round is a significant step to enhance our technologies and accelerate the company’s growth.”

The company plans to expand its presence in Riyadh and extend services to the Eastern and Western regions. It will continue enhancing its platform to automate leasing processes and improve user experience.

Aqar Platform’s participation in the funding round brings further integration, with Rize’s RNPL service being added to Aqar’s offerings, facilitating more flexible payment options for tenants.