Rize, PropTech company aiming to revolutionize the real estate rental journey has secured $2.9 million in seed round. This round saw the participation of renowned investment firms including SEEDRA Ventures , HALA Ventures , Joa Capital , RZM Investment , Bunat Ventures , Nama Ventures as well as a group of angel investors.
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This announcement comes as a new step in Rize’s ambitious journey, to strengthen our position as a leading real estate technology company working to achieve comfort and flexibility for tenants in the Kingdom of Saudi Arabia.
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Ibrahim Balila, co-founder and CEO of Rise, commented: “The confidence shown by investors in this round reflects belief in our vision to improve the rental solutions industry in the Kingdom. We aspire to make monthly payment the norm in residential and commercial rentals, relying on the tremendous development in infrastructure represented by the Ejar platform.” Thanks to this investment, we will be able to expand further throughout the Kingdom.”
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For his part, Mohammed Al-Farihi, co-founder and chief technology officer, said: “Our tour helps strengthen our commitment to providing an integrated experience for the tenant in the Kingdom and developing the rental sector in an effective and more convenient way. Moreover, we look forward to aligning with the Kingdom’s initiatives to improve and regulate the real estate sector in general and the rental sector in particular.” “Leveraging our technology-based solutions to contribute to this transformational period.”
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explains Mohammed Al-Zoubi, founder and managing partner of Nama Ventures. “It was clear to us at Nama that it was a matter of time before startups addressed this gap by integrating fintech and real estate tech solutions. Rise, with its innovative rental payment model: Rent Now Pay Later (RNPL), is a solution to overcome rental challenges.” In the Kingdom. What really got us excited about this investment is the exceptional chemistry between the founders. Ibrahim, a real estate expert, along with Mohammed, a technical expert who can translate RISE’s vision into advanced technology products, make a powerful team. We look forward to joining RISE’s founders and renowned investors On this pioneering entrepreneurial journey.”
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About Rize
Rize was founded in 2021 by Ibrahim Belila and Mohammed Al-Farihi , and seeks to develop the field of real estate leasing in the Kingdom of Saudi Arabia. Through a service that allows tenants to pay their rent in flexible monthly installments instead of one large payment in advance. With this “rent now, pay later” method, Rize aim to develop a more flexible payment model, making it easier for renters to manage their cash flow and budgets for housing expenses.
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