A Series A investment round totaling SAR 132 million ($35 million), comprising a combination of debt and equity, has been closed, according to Rize, a prominent real estate technology company in the Kingdom of Saudi Arabia. Raed Ventures led the round, with participation from Aqar Platform, JOA Capital, NAMA Ventures, HALA Ventures, and SEEDRA Ventures through its second fund. This investment shows how strongly people believe in Rize’s vision and its bold plans to transform the Kingdom’s real estate leasing market.
Rize partnered with Partners For Growth to secure debt financing as part of this investment round and to bolster its financial capabilities.
With this funding, Rize will be able to expand its services and support its growth plans in line with the Kingdom’s vision for digital transformation and the improvement of the real estate industry.
Rize, the first Saudi company to offer the “Rent Now, Pay Later” (RNPL) service, was founded in 2021 by Ibrahim Balilah and Mohamed Al-Frahi. This service enables tenants to pay their annual rent in flexible monthly installments rather than in one lump sum. One of the company’s major accomplishments since its inception is that it has reached a total rental value of more than half a billion SAR through its platform.
Rize prioritizes growing into the Eastern and Western regions while bolstering its presence in the Riyadh area. By creating new technological solutions and automating the leasing process through its app, it hopes to improve user experience and provide cutting-edge services that live up to their expectations.
Tenants will be able to take advantage of flexible monthly payment options with the launch of the “Rent Now, Pay Later” (RNPL) product on the Aqar platform, which coincides with the platform’s involvement in Rize’s investment round. This step improves the way Rize and Aqar’s Platform integrate, offering creative ways to help tenants and streamline the leasing process.
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.”
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.”
On his part, Omar Al-Majdouie, Co-Founder at Raed Ventures, stated: “At Raed Ventures, we believe in Rize’s ability to bring about a transformative change in the real estate leasing sector, not only by offering innovative services but also by enabling digital transformation in this important field. The company’s ambitious vision and exceptional team make us proud to be part of this remarkable journey, which boosts the Kingdom’s position as a leading tech hub in the region.”
Waleed Albarrak, Principal at SEEDRA Ventures, added, “Rize is transforming the Saudi rental market and redefining the standards of how people rent. Its extraordinary growth mirrors the success stories of industry leaders like Tabby and Tamara, showcasing the company’s exceptional vision and flawless execution. The company’s ability to secure top-tier local and international investors underscores its immense potential. We are proud to have been their first backer from the ideation stage and are delighted to deepen our commitment with a fourth investment in their inspiring journey.”
With this investment, Rize hopes to boost its rate of expansion, keep providing cutting-edge tech solutions that cater to the demands of landlords and renters, and contribute even more to the digital revolution of the Kingdom of Saudi Arabia’s real estate market.
