Prop-tech and fintech startup Ejari raised $14.65 M debt-equity Seed funding

Prop-tech and fintech startup Ejari, based in Saudi Arabia, closed a $14.65 million (SAR 55 million) seed round led by Partners for Growth (PFG), BECO Capital, anb seed, Rua Ventures, Alinma Bank (Alinma Pay), Vision Ventures, and Aqar platform, the top real estate listing platform in Saudi Arabia. Existing investors Salica Oryx Fund and a number of angel investors also took part in the round. Partners for Growth, a California-based company, provided the debt for the round, which is a combination of debt and equity. Nevertheless, Alinma Bank, a significant investor, participated through Alinma Pay, its investment technology division.

In response to the need for more flexible payment options in the Saudi real estate rental market, where an estimated +70% of rentals are paid on an annual or biannual basis, Yazeed Al-Shamsi, Fahad Albedah, Mohammed Alkhelewy, and Khalid Almunif founded Ejari in 2022 and it is headquartered in Riyadh.

Tenants can now enjoy much-needed flexibility thanks to the platform, which is changing the way rental payments are made. Ejari now operates in 17 cities across 8 regions of Saudi Arabia and has generated over $30 million in demand for its RNPL service in less than a year.

Ejari Co-Founder and CEO Yazeed Alshamsi commented: “”We’ve assembled a top-tier group of capital providers on both the equity and debt sides, featuring investors that include leading VCs from Saudi Arabia, the region, and internationally, along with two VC funds associated with Saudi banks and Saudi Arabia’s largest real estate marketplace, along with our existing investor, Salica Oryx Fund. This marks a major milestone in our journey to transform the Saudi rental market. With this new investment, we’re poised to enhance our technology, expand our product offerings, and deliver exceptional value to our clients. Our mission is to democratise access to the rental market and lower barriers for tenants, and this funding brings us closer to that goal. We are deeply grateful for the trust our investors have placed in us and are excited about the future.”

Al-Shamsi further highlighted the strong growth prospects in Saudi Arabia’s real estate sector: “Recent announcements such as the 2030 Riyadh Expo, the 2034 World Cup, and initiatives under Vision 2030, like the Ministry of Investment’s Regional HQ programme, are set to drive significant demand for our RNPL service and the broader real estate market. These developments, combined with favourable macroeconomic trends such as increased foreign investment, economic diversification, and population growth, will create substantial opportunities for sustained growth in the sector.”

With this additional funding, Ejari will be able to expand its product and service offerings, increase its market share in the residential RNPL sector, and maintain its position as the top player in the expanding RNPL sector of the Saudi rental market.

Khalid S. Al-Ghamdi, CEO of anb Capital, stated, “We are delighted to announce our partnership with Ejari, marking another investment by anb seed.” This investment is more than a financial commitment; it’s a pledge to accelerate the Kingdom’s economic diversification through technological innovation and create a more inclusive economy, thereby enhancing the quality of life for Saudi citizens in accordance with the objectives of Vision 2030. We are shaping a future where financial accessibility and innovation go hand in hand, propelling Saudi Arabia towards even greater growth and prosperity.”

Kais Al-Essa, the Founding Partner and CEO of Vision Ventures commented, “We are always interested in technologies and services that make people’s lives easier. Ejari’s solution provides people with an easy way to pay rental of properties while enabling them to acquire better properties than they were previously able to afford. Ejari’s founding team had a deep understanding of the market and its trends, as well as Ejari’s role going forward. We are glad to back Ejari’s founders and expect them to achieve great results.”

Abdulaziz Shikh Al Sagha, General Partner at BECO Capital, commented: “We’re excited to support Ejari in providing much-needed flexible rental payment options in Saudi Arabia. The founding team’s strong expertise and clear vision make them exceptionally well-positioned to drive meaningful impact in the market, and we look forward to working closely with them as they continue to scale.”