Riyadh: Saudi Arabia-based proptech Rize has closed a Series A investment round worth SAR 132 million ($35 million) in a mix of equity and debt, according to a press release.

The transaction was led by Raed Ventures, with participation from SEEDRA Ventures, JOA Capital, NAMA Ventures, and HALA Ventures.

This investment backs Rize's objectives to reshape the real estate leasing sector in the Kingdom.

Furthermore, Rize entered into a debt financing partnership with Partners For Growth to boost its financial capabilities.

It will deploy the funding to support its growth plans and expand its services in line with the Kingdom’s vision for digital transformation.

Founded in 2021, Rize is the first Saudi company to offer the rent now, pay later (RNPL) service, enabling tenants to pay annual rent in flexible monthly installments instead of a one-sum payment.

Ibrahim Balilah, Co-Founder and CEO of Rize, said: "This investment represents a major turning point in our journey and reflects the investors confidence in our vision to develop the leasing sector. We are committed to providing innovative solutions and improving the rental experience for all parties."

Mohamed Al Furaihi, Co-Founder and CTO of Rize, noted: "We have worked hard to develop our internal technologies to enable the automation process and make the rental experience smoother. This investment round is a significant step to enhance our technologies and accelerate the company's growth."

 

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