Ejari | ايجاري reposted this
Ejari, a Saudi Arabian startup focused on democratizing access to real estate, has closed a $14.65 million (SAR 55 million) seed funding round. The round was led by Partners for Growth (PFG) and BECO Capital, with participation from anb seed, Alinma Bank (through Alinma Pay), Rua Growth Fund, Vision Ventures, and Aqar, a leading property listing platform in Saudi Arabia. Existing investor Salica Oryx Fund and several angel investors also participated. This funding, which includes a mix of debt and equity — with the debt portion provided by California-based PFG—brings Ejari's total capital raised within less than a year to $15.65 million (SAR 58.76 million). Ejari plans to utilize the new capital to enhance its technological infrastructure and expand its range of products and services. The company's mission is to make the rental market more accessible and reduce barriers for tenants across Saudi Arabia. Their flagship service, "Rent Now, Pay Later" (RNPL), addresses a significant challenge in the Saudi rental market, where over 70% of rent payments are made annually or semi-annually. By allowing renters to spread out payments, the RNPL service provides flexibility and reduces financial strain. Since launching less than a year ago, Ejari has received over $30 million in demand for its RNPL service and currently operates in 17 cities across 8 regions in the Kingdom. Read more about this development and its impact on the Saudi real estate market in our latest article. 🔗 Read the full story here: https://lnkd.in/g6FpGnRM Ejari | ايجاري | Yazeed Al-Shamsi | Fahad Albedah Mohammed AlKhelewy Partners for Growth (PFG) | BECO Capital | anb seed | Alinma Bank (Alinma Pay) | Rua Growth Fund | Vision Ventures (VV) | AQAR عقار | Salica Investments | Oryx Fund #RealEstate #SaudiArabia #StartupNews #Investment #RentNowPayLater #RNPL #Ejari #FundingNews #Rasmal
