Saudi-based proptech startup, Ajras, has successfully raised $1.5 million in a Pre-Series A funding round led by Veda Holding. The investment will support the company’s expansion and further development of its digital financing solutions for the rental sector in the Kingdom.
Driving Innovation in Rental Payments
Founded in 2022 by Muath Aljubailan, Ajras specializes in providing innovative financing solutions to simplify rental payments, focusing on the commercial and industrial sectors. The company recently introduced its “Rent Now, Pay Later” service, aimed at improving the rental experience for both tenants and property owners.
Ajras is licensed by the General Authority for Real Estate in Saudi Arabia and has been instrumental in leveraging technology to streamline rental payments. Prior to this funding round, the company secured SAR 105.05 million in a Seed round in November 2023, led by Madarik Global, reflecting strong investor confidence in its business model and market potential.
Saudi Arabia’s Proptech Sector on the Rise
The Kingdom’s proptech industry is undergoing a major transformation, utilizing technology to enhance efficiency and simplify real estate transactions. The Saudi real estate market is projected to reach $74.99 billion by 2025, with a compound annual growth rate (CAGR) of 7.89%, pushing its value to $109.63 billion by 2030.
With this dynamic growth, startups like Ajras are well-positioned to reshape the digital real estate landscape, offering cutting-edge solutions that align with Saudi Arabia’s Vision 2030 goals of modernizing the economy and enhancing the real estate sector.
