Homegrown proptech startup HissaTech has raised SAR 2.5 mn (USD 670k) in a pre-seed round led by unidentified angel investors, the company said in a press release.

Use of proceeds: The freshly raised funds will go towards growing the startup’s customer base in the Kingdom, upgrading its platform, and establishing new partnerships to “solidify” its standing in the property technology sector.

The pitch: The proptech company, founded this year by Ali Alshareef (LinkedIn), aims to lower the entry barrier for the real estate market, allowing investors to co-own income-generating real estate assets for investments starting from as little as SAR 500, according to its website.

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Saudi startups raised USD 16 mn in nine transactions in August, the second-highest number in MENA after the UAE, according to Wamdadata. MENA startups drew USD 83 mn in investments last month, down 24% y-o-y.

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