Riyadh, Saudi Arabia — Rize, a leading real estate technology company in the Kingdom of Saudi Arabia, has successfully closed its Series A investment round, raising SAR 132 million (USD 35 million). The round, which includes a mix of equity and debt, was led by Raed Ventures, with participation from SEEDRA Ventures, Aqar Platform, JOA Capital, NAMA Ventures, and HALA Ventures. The investment underscores the growing confidence in Rize’s vision to revolutionize the real estate leasing market in Saudi Arabia.
As part of the funding round, Rize has entered into a debt financing partnership with Partners For Growth. This collaboration aims to bolster Rize’s financial capabilities, supporting its growth objectives and aligning with Saudi Arabia’s Vision 2030 goals for digital transformation and innovation in the real estate sector.
Transforming Real Estate with “Rent Now, Pay Later”
Founded in 2021 by Ibrahim Balilah and Mohamed Al-Furaihi, Rize is the first Saudi company to introduce the “Rent Now, Pay Later” (RNPL) service. This innovative solution enables tenants to pay their annual rent in flexible monthly installments, rather than a lump sum payment. Since its inception, Rize has facilitated rentals worth over half a billion SAR through its platform.
The company plans to use the new funding to enhance its presence in key regions, including Riyadh, as well as the Eastern and Western regions. Rize also aims to improve its user experience by developing advanced technological solutions, automating leasing processes, and launching the RNPL service on the Aqar Platform. This integration with Aqar will allow tenants to benefit from flexible payment options directly through the platform.
Statements from Leadership and Investors
Commenting on the milestone, 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, highlighted the company’s technological advancements: “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.”
Omar Al-Majdouie, Co-Founder at Raed Ventures, expressed his confidence in Rize’s potential: “At Raed Ventures, we believe in Rize’s ability to bring about transformative change in the real estate leasing sector. The company’s ambitious vision and exceptional team make us proud to be part of this remarkable journey, which boosts the Kingdom’s position as a leading tech hub in the region.”
Waleed Albarrak, Principal at SEEDRA Ventures, praised Rize’s innovative approach: “Rize is transforming the Saudi rental market and redefining the standards of how people rent. Its extraordinary growth mirrors the success stories of industry leaders like Tabby and Tamara, showcasing the company’s exceptional vision and flawless execution. We are proud to have been their first backer from the ideation stage and are delighted to deepen our commitment with a fourth investment in their inspiring journey.”
Driving Growth and Innovation
With this latest investment, Rize is poised to accelerate its growth, further enhance its technological offerings, and continue driving digital transformation in Saudi Arabia’s real estate sector. The company’s innovative RNPL service and commitment to improving the leasing process position it as a key player in the Kingdom’s evolving property market.
