Saudi proptech Ejari raises $1M pre-Seed round

Ejari, a Saudi-based property technology platform, has raised $1 million in a pre-seed round, led by Sanabil 500 MENA and Hambro Perks' Oryx Fund, with the participation of several angel investors, according to statement on Wamda.

The funding will enable the company to expedite the expansion of its RNPL service and diversify its offerings into other proptech solutions.

"Our vision is to democratise access to the real estate market with our solution, empowering and enabling tenants to change their rental bill from a large yearly expense into a manageable monthly one, Ejari CEO Yazeed Alshamsi said.

"We perceive this as a billing problem. All our bills, from utilities and phone bills to credit cards, are paid monthly, with the exception of their rental bill. Simultaneously, our platform aims to enhance landlords' ability to rent out their properties faster and retain their best tenants for longer, fostering the development of a thriving Saudi rental ecosystem," he added.

Ejari, founded in 2022 by Yazeed Al-Shamsi, Fahad Albedah, Mohammed Alkhelewy, and Khalid Almunif, offers a rent-now-pay-later (RNPL) solution for residential rentals in Saudi Arabia, catering to the growing demand for more flexible payment options. It aims to provide more flexible payment options for residential rentals in the Saudi market.

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The Riyadh-based company, which received a licence from the Real Estate General Authority of Saudi Arabia, aims to address the rigid payment structure that makes renting expensive for many tenants, including early career and young families.

Ejari's RNPL service allows tenants to pay rent monthly, while landlords receive their full yearly payment before the tenant moves in. This flexibility may attract more applicants in the competitive rental market.