Abu Dhabi tech start-up Rizek raises $3.5mln in seed funding

Rizek aims to increase job opportunities for gig workers, allowing them to earn service-based income through the portal

  
UAE currency, 500 dirhams closeup note. Image for illustrative purposes. Expatriate deposits made up about 11.5% of total deposits in the UAE’s central banks

UAE currency, 500 dirhams closeup note. Image for illustrative purposes. Expatriate deposits made up about 11.5% of total deposits in the UAE’s central banks

RIZEK, an Abu Dhabi–based tech-startup that provides on-demand services, has raised $3.5 million in one of the largest seed funding rounds in the MENA region.

The funding round saw participation from strategic investors such as Abu Dhabi Investment Office (Adio), E-tech investments, and Rozana Investments, raising the company’s financing to 5 million dirhams. Rizek plans to activate the region’s gig economy, thereby creating more jobs.

Rizek, which secured a $1.5 million seed funding in September 2019, was founded by Jordanian entrepreneur Abdallah Abu-Sheikh. It aims to increase job opportunities for gig workers, allowing them to earn service-based income through the portal, Rizek said in a statement.

Abdallah Abu-Sheikh, founder and chief executive of Rizek, said: "Most of the big cities in the region have a service-based economy. However, the way these services are delivered happens to be outdated and costly. Rizek believes that the region needs an inclusive platform where customers can view all their options before commissioning the services."

Rizek is part of Hub71, an accelerator in the Abu Dhabi Global Market and operates on five vertical platforms - maintenance, education, healthcare, beauty and professional services.

(Writing by Seban Scaria; editing by Daniel Luiz)

seban.scaria@refinitiv.com

#ABUDHABI #STARTUP #FUNDS

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here

© ZAWYA 2020