Proptech Rize Secures $35 Million to Expand Across Saudi Arabia
Rize secures Series A funding, led by Raed Ventures, to expand its RNPL model and revolutionize real estate leasing.
Rize, a Saudi-based real estate technology company, has secured $35 million in a Series A funding round led by Raed Ventures. Other participants include SEEDRA Ventures, Aqara Platform, JOA Capital, NAMA Ventures and HALA Ventures.
Founded in 2021 by Ibrahim Balilah and Mohamed Al-Frahi, Rize offers a ‘Rent Now, Pay Later’ (RNPL) model that allows tenants to pay annual rents in flexible monthly installments. The company has facilitated over half a billion riyal in total rental value through its platform.
This latest round of funding will fuel Rize’s expansion in Saudi Arabia, with plans to grow in the Western and Eastern regions while strengthening its presence in Riyadh. The company also intends to develop advanced technological solutions to automate leasing processes via its app.
In addition, Rize has entered a debt-financing partnership with Partners for Growth to support its growth and expansion plans. The RNPL service will also launch on Aqara Platform, offering tenants enhanced payment flexibility and integrated solutions for leasing.
