Partners for Growth (PFG), BECO Capital, anb seed, and Rua Ventures led a $14.65 million (SAR 55 million) funding round for Ejari, a proptech and fintech platform situated in Saudi Arabia.
Along with Vision Ventures, the Aqar platform, and current investors, Alinma Bank also took part in the fundraising deal through Alinma Pay.
According to a press release, the investment consists of both debt and equity, with the debt coming from Partners for Growth, a company based in California.
Ejari intends to enhance its product and service offerings and maintain its market share in the residential rent now, pay later (RNPL) industry by utilizing the additional capital.
Ejari was established in 2022 to provide RNPL solutions to the Saudi real estate rental market, where more than 70% of rentals are paid annually or biannually. This solution was created in response to the market’s demand for more flexible payment options.
Ejari now operates in 17 cities across eight regions of Saudi Arabia and has generated more than $30 million in demand for its RNPL service in less than a year.
Yazeed Al Shamsi, Co-Founder and CEO of Ejari, commented: “Our mission is to democratize access to the rental market and lower barriers for tenants, and this funding brings us closer to that goal. We are deeply grateful for the trust our investors have placed in us and are excited about the future.”
