Saudi Proptech Startup Ajras Secures $1.5 Million Pre-Series A

Ajras, a Riyadh-based startup, announced the closure of a $1.5 million pre-Series A funding round led by Veda Holding.

Established in 2022 by CEO Muath Aljubailan, Ajras offers unique financing solutions designed to facilitate rent payments, particularly within the commercial and industrial sectors. Licensed by the General Authority for Real Estate, the company's ‘Rent Now, Pay Later’ model acts as a commercial intermediary, streamlining transactions between landlords and tenants.

In November 2023, the startup secured $28 million in a seed round led by Madarak International, bringing its total funding to approximately $29.5 million to date

While overall PropTech funding across Emerging Venture Markets (EVMs) experienced a 36% year-on-year decline to $72 million in the first nine months of 2024 - the lowest level in five years - Saudi Arabia demonstrated resilience within this sector. The Kingdom reported a 35% increase in PropTech funding, reaching $9 million, and saw a rise in deal activity from four to seven deals compared to the same period in 2023, according to a report from MAGNiTT.