Rize has announced the closing of its seed round, raising $2.9 million, in support of its innovative and trailblazing vision. In order to support its real estate investments, the company has also raised additional funds through debt at the same time. Along with a group of angel investors, investment VCs Seedra Ventures, Hala Ventures, JOA Capital, RZM Investments, Bonat Investments, and Nama Ventures participated in the round.
Ibrahim Balilah and Mohammed AlFraihi founded Rize in 2021 with the goal of changing the rental market in the Kingdom of Saudi Arabia. The company hopes to change rental payments to flexible monthly installments as the standard rather than the exception in the real estate market with its ground-breaking “Rent Now..Pay Later” product.
Commenting on the round, Ibrahim Blileh, Co-Founder and CEO of Rize, said: “The confidence shown by investors in this round reflects their belief in our vision to improve the rental industry in the Kingdom. We aspire to make monthly payments the standard in residential and commercial leases, and with this investment and the remarkable growth of the Ejar platform, we will be able to expand further across the Kingdom.”
Mohammed Alfraihi, Co-Founder and CTO, stated: “Our latest funding reinforces our commitment to streamlining property interactions, making rental processes efficient and more tenant-friendly. Furthermore, we are enthusiastic about aligning with the Kingdom’s initiatives to improve and regulate the real estate market, leveraging our technology-driven solutions to contribute to this transformative period. ”
Walid AlBarrak, from the investment team of Seedra Ventures, added, “The strong government support for digital transformation in the real estate sector, including initiatives like the Ejar platform, provides an ideal environment for growth and innovation. Our repeated investments in Rize, culminating today in the third investment in the company, reflect our strong belief in their ability to stimulate innovation in the market and improve the tenant experience. The deep understanding of the sector and the tremendous technical capabilities demonstrated by the founders Ibrahim Balilah and Mohammed Alfraihi, along with the tangible progress achieved under their leadership, make us confident in Rize’s ability to achieve rapid growth and make a significant contribution to the rental sector in the Kingdom.”
With this announcement, “Rize” continues its ambitious journey and solidifies its position as a top real estate technology company aimed at providing comfort and flexibility to tenants in the Kingdom of Saudi Arabia.
