- Saudi’s Rize secures an investment of USD 35 million in an investment round led by Raed Ventures.
- The company aims to use this funding to provide innovative technological solutions that meet the needs of tenants and property owners.
- Rize entered a debt-financing partnership with Partners for Growth in support of its growth and expansion plans.
Rize, the Saudi real estate company, secures an investment of USD 35 million in a series A investment round. The investment round was led by Raed Ventures with participation from SEEDRA Ventures, Aqara Platform, JOA Capital, NAMA Ventures, and HALA Ventures.
Debt-Financing Partnership
The real estate company entered into a debt financing partnership with Partners For Growth. They aim to grow and expand their services with the funding. This is inline with the Kingdom’s vision for digital transformation and enhancing the real estate sector.
Ibrahim Balilah and Mohamed Al-Frahi founded Rize in 2021 as a ‘Rent Now, Pay Later’ (RNPL) service. Furthermore, it allows tenants to pay annual rents in flexible monthly installments instead of a one-time full payment. Since its inception, the company has reached from its platform a total rental value of over half a billion SAR.
Rize is a real estate technology company in the Kingdom of Saudi Arabia. It is focused on strengthening its presence in the Riyadh region with plans to expand in the Western and Eastern regions. They aim to develop new technological solutions and automate the leasing process via their app to enhance user experience. Ultimately, their goal is to offer innovative services and reshape the real estate leasing sector in Saudi.
Expanding Services
Simultaneously with Aqar Platform’s participation in Rize’s investment round, the RNPL service will launch on Aqar’s platform. This will allow tenants to benefit from flexible monthly payment options. This enhances the integration between Rize and Aqar’s platforms, thus aiding in providing innovative solutions to support tenants and facilitate leasing processes.
Ibrahim Balilah, Co-Founder and CEO of Rize, said: “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.”
In addition, Watheeq Capital announces that its partial exits from Rize, a PropTech company in Saudi, after achieving an almost quadrupled investment return in 22 months through the Watheeq PropTech Venture Fund.
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