• Rize concludes successful seed round, securing $2.9 million in funding
• Company augments financial resources through debt to bolster real estate investments
• Noteworthy participants include prominent venture capital firms and angel investors

Saudi Arabia-based proptech Rize announced the conclusion of its seed round, securing $2.9 million in funding, according to a company statement.

Participants in this round include Key venture capital firms like Seedra Ventures, Hala Ventures, JOA Capital, RZM Investments, Bonat Investments, and Nama Ventures, alongside a cohort of angel investors.

Established in 2021 by Ibrahim Balilah and Mohammed AlFraihi, Rize is committed to bringing solutions to the rental landscape in Saudi Arabia.

The company has augmented its financial resources through debt to reinforce its investments within the real estate domain. 

Through its “Rent Now..Pay Later” product, the platform succeeded in normalizing the transition of rental payments to flexible monthly installments within the real estate market.

Reflecting on the funding, Ibrahim Blileh, Co-Founder and CEO of Rize, expressed, “The investor confidence demonstrated in this round underscores their belief in our vision to enhance the rental industry in the Kingdom. 

“We aim to standardize monthly payments in both residential and commercial leases, and with this infusion of capital and the remarkable growth of the Ejar platform, we are poised to expand our footprint across the Kingdom.”

Mohammed Alfraihi, Co-Founder and CTO, remarked, “Our latest funding reaffirms our commitment to simplifying property transactions and enhancing tenant-centric processes. 

“We are enthusiastic about aligning with the Kingdom’s initiatives to advance and regulate the real estate market, leveraging our technology-driven solutions to contribute to this transformative era.”

Walid AlBarrak, of Seedra Ventures‘ investment team, said: “The governmental backing for digital transformation in the real estate sector, including initiatives such as the Ejar platform, creates an optimal environment for growth and innovation. 

“Our repeated investments in Rize, culminating in this third funding round, underscore our firm belief in their capacity to drive innovation in the market and enhance the tenant experience.