Saudi real estate technology company, Ajras for Information Technology, has disclosed a seed funding round at 28 million USD with the participation of Madarek International, according to a company statement.
The investment round encompasses ownership shares and debt financing, with its primary objective being to support the company in expanding its specialized initiatives focused on streamlining the leasing process for commercial properties.
Founded in 2022, Ajras operates through its platform, fostering connections between small and medium-sized businesses and property owners.
The platform enables business owners to submit lease applications to Ajras, which meticulously reviews the applications and leases the space from the property owner if approved.
The annual rent is remitted to the property owner, while Ajras collects it from the tenants through regular monthly installments.
According to the statement, this approach helps property owners achieve high occupancy rates, while tenants benefit from leasing solutions that aid in managing cash flows and expanding their businesses.
Commenting on the investment round, Ajras’ founder, Muath Al-Jubailan, stated, ‘Participation from Madarek International is a significant step for all parties, as interests and aspirations align in a promising market.’
Sari Al-Salem, the CEO of Madarek International, emphasized the importance of investing in the real estate technology sector, especially given Ajras’ distinctive business model and the expected demand for its offerings.
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