Saudi Arabia’s proptech startup, Rize, has announced the successful closure of its $35 million Series A funding round, consisting of a mix of equity and debt. The round was led by Raed Ventures, with participation from SEEDRA Ventures, Aqar Platform, JOA Capital, NAMA Ventures, and HALA Ventures. The investment aims to drive Rize’s expansion and enhance its technological offerings for tenants and property owners.
Founded in 2021 by Ibrahim Balilah and Mohammed AlFraihi, Rize is the first company in Saudi Arabia to introduce the “Rent Now, Pay Later” (RNPL) service. This model enables tenants to pay their annual rent in flexible monthly installments, alleviating the burden of lump-sum payments. To date, the platform has facilitated rentals exceeding SAR 500 million.
The new funding will enable Rize to strengthen its presence in Riyadh and expand its operations into the Eastern and Western regions of Saudi Arabia. Additionally, the company plans to invest in automating leasing processes and enhancing its app to improve the overall user experience.
As part of this funding round, Rize partnered with Partners For Growth to secure debt financing. This collaboration supports the company’s financial stability and growth ambitions. Additionally, Rize’s integration with Aqar Platform will bring the RNPL service to Aqar’s users, providing tenants with flexible payment options and streamlining leasing processes.
Ibrahim Balilah, Rize’s Co-Founder and CEO, emphasized the importance of this milestone, stating, “This investment marks a significant turning point for Rize, showcasing the confidence investors have in our vision to innovate and transform the leasing sector.”
Mohammed AlFraihi, Co-Founder and CTO, added, “We are committed to leveraging this investment to enhance our technology and accelerate our growth.”
Omar Al-Majdouie, Co-Founder of Raed Ventures, expressed confidence in Rize’s ability to drive digital transformation in real estate. Waleed Albarrak, Principal at SEEDRA Ventures, highlighted Rize’s rapid growth and its role in redefining rental market standards in the Kingdom.
Rize intends to use this investment to further its mission of digitalizing the real estate sector in Saudi Arabia. By offering innovative solutions tailored to tenants and property owners, the company aims to solidify its position as a leader in the region’s proptech landscape.
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By Proptechbuzz
By Ravi Kumar
