Saudi Proptech Rize Secures $2.9 Million in Seed Funding

Rize, a Saudi-based proptech startup, has concluded its seed funding round, raising $2.9 million. The startup has also secured additional funding through debt financing to further expand its presence in the real estate sector.^[1]  

The funding round saw the participation of venture capital firms, including Seedra Ventures, Hala Ventures, JOA Capital, RZM Investments, Bunat Ventures, and Nama Ventures, along with a group of angel investors.

Established in 2021 by Ibrahim Balilah and Mohammed AlFraihi, Rize is hoping to change the rental landscape in Saudi Arabia. Through its "Rent Now..Pay Later" offering, the company aims to popularize flexible monthly installment payments for rentals, making it a standard practice in the real estate market.