Ejari secures SAR 55 mn in seed funding round

Homegrown prop-tech startup Ejari closed a SAR 55 mn (USD 14.7 mn) seed funding round led by Partners for Growth and Beco Capital, it said in a press release. The round saw participation from Anb seed, Alinma Bank (via its fintech arm Alinma pay), Vision Ventures, Rua Ventures, and Aqar, Salica Oryx Fund, along with several angel investors. While the funding was a combination of debt and equity, information about the investment breakdown and the size of equity each investor received wasn’t disclosed.

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Use of proceeds: The investment will help grow their Rent Now, Pay Later (RNPL) product, which helps tenants access more flexible paying options. It will also be used to “enhance our technology, expand our product offerings, and deliver exceptional value to our clients,” the statement reads.

Background: Ejari closed a USD 1 mn pre-seed round last year led by Sanabil 500 Mena, and Hambro Perks’ Oryx Fund. “In less than a year since launching, we’ve received over USD 30 mn in demand for our RNPL service,” Ejari said in the statement.

About Ejari: The platform helps tenants by offering flexible payment solutions, where over 70% of local rent payments in the market are made either annually or semi-annually, the company said. It currently operates in 17 cities across eight regions in the Kingdom. The company was founded by Yazeed Al Shamsi (LinkedIn), Fahad Albedah (LinkedIn), Mohammed Alkhelewy, and Khalid Almunif (LinkedIn).