Proptech player Rize closed a SAR 132 mn (USD 35 mn) series A round led by Raed Ventures, with participation from SEEDRA Ventures, Aqar Platform, JOA Capital, NAMA Ventures, and HALA Ventures, the company said in a press release (pdf) sent to EnterpriseAM Saudi. The round also included debt financing facilitated via a partnership with venture debt platform Partners For Growth. The exact value of the facility was not disclosed.

Use of proceeds: Rize earmarked the funds for developing its tech and expanding its service beyond Riyadh into the Eastern and Western regions. The company’s Rent Now, Pay Later (RNPL) product will also launch on the Aqar Platform, offering users flexible payment options.

What they said: “We have worked hard to develop our internal technologies to enable the automation process and make the rental experience smoother. This investment round is a significant step to enhance our technologies and accelerate the company’s growth,” Rize co-founder and CTO Mohamed Alfraihi said.

About Rize: Co-founded in 2021 by CEO Ibrahim Balilah (Linkedin) and CTO Mohamed Alfraihi (Linkedin), Rize’s RNPL services — which secured Shariah certification in September — enable tenants to pay annual rents in monthly installments. Since its founding, total rental value on the platform has exceeded SAR 500 mn, according to the statement.

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