RIYADH: Saudi Arabia-based proptech startup Rize has successfully secured $2.9 million in a seed funding round to further boost its expansion plans. The investment was fueled by several investors, including SEEDRA Ventures, HALA Ventures, Joa Capital, RZM Investments, Bonat Investments, and Nama Ventures, alongside contributions from a group of angel investors. In a move to solidify its position in the real estate market further, Rize disclosed that it has also secured additional funds through debt financing. Launched in 2021 by co-founders Ibrahim Balilah and Mohammed Al-Fraihi, Rize has introduced an innovative rent now, pay later model to the market. This model allows tenants to pay their rent in manageable monthly installments. This approach not only eases financial pressures on tenants but also aligns with broader trends toward enhancing housing affordability and accessibility. With the newly acquired investment, Rize aims to accelerate its expansion efforts across the Kingdom. The startup seeks to leverage the funding to broaden its reach and impact within the Saudi real estate sector, offering more tenants the opportunity to benefit from its flexible payment solutions. This financing round marks a significant milestone for Rize, underscoring the growing investor interest in proptech solutions addressing key industry challenges. “The confidence shown by investors in this round reflects their belief in our vision to improve the rental industry in the Kingdom,” Balilah, Rize’s CEO, said. “We aspire to make monthly payments the standard in residential and commercial leases, and with this investment and the remarkable growth of the Ejar platform, we will be able to expand further across the Kingdom,” he added.