Saudi-Based TechMal Raises $1 Million in Pre-Seed Funding Round

Saudi Arabia-based fintech startup TechMal has raised $1 million in a pre-seed funding round led by Al Majidiya Investment Company in order to support the company’s micro-consumer finance operations.

Founded in 2024 by Raud Al Rebdi and Basil Alsuhaibani, the startup focusses on residential real estate rental finances, enabling tenants to convert annual or semi-annual rental payments into manageable monthly instalments through the Real Estate General Authority’s Ejar platform.

The proptech sector has seen surging success in Saudi Arabia and the wider region in recent years, with startups such as Ejari, EMPG, AtarCloud, Stake, and Boyot disrupting the market with innovative tech-powered solutions for tenants and landlords alike. Across the MENA region, proptech startups have raised well over $100 million every year for the last five years, matching booming real estate developments in GCC countries, Egypt and further afield.