Saudi Proptech Ajras Wraps Up $28 Mn Investment Round
Earlier this year, Ajras raised $534,000 in pre-seed funding.
Proptech startup Ajras closed a $28 mn (SAR105 mn) seed funding round, which includes ownership shares and debt financing, with the participation of Madarak International, reports Jawlah.
The funding round will help the proptech streamline leases of commercial real estate.
Based in Riyadh, Ajras facilitates commercial property rentals by connecting small- and medium-sized companies with real estate property owners. Business owners can search and select properties and submit rental applications through the platform, after which Ajras screens and leases spaces from property owners. Ajras collects monthly rents from tenants, remitting rents to the property owner annually.
Earlier this year, Ajras secured $533,000 in a pre-seed round from angel investors.
Ajras was established in 2022 by Muath Al-Jubailan, Ahmed Al-Tamimi, Abdullah Al-Qarni, Suhail Al-Tamimi, and Suleiman Al-Jarbou. The company began operations in Riyadh during the second quarter (Q2) of this year.