Seed Financing Round
Ejari closes $14.65 million (SAR 55 million) seed financing led by PFG and BECO Capital and anb seed
We are happy to announce the closing of a $14.65mn (SAR 55 million) seed financing round led by PFG and BECO Capital with the participation of anb seed, Alinma Bank (Alinma Pay), Rua Ventures, Vision Ventures and Aqar platform, Saudi’s leading property listing platform along with the participation of existing investors Salica Oryx Fund. The round is a mix of debt and equity with the debt provided from California-based Partners for Growth. While the participation of our key investor Alinma Bank coming through the investment technology arm Alinma Pay.
With this new investment, we’re poised to enhance our technology, expand our product offerings, and deliver exceptional value to our clients. 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.
Our unique Rent Now, Pay Later (RNPL) solution addressed to the Saudi real estate rental market where an estimated +70% of rentals are paid on an annual or bi-annual basis, addressing the need for more flexible payment options. In less than a year since launching, we’ve received over $30mn in demand for our RNPL service and today operate in 17 cities across 8 regions in Saudi Arabia.
This funding will enable us to increase our market share within the residential RNPL product, enhance product and service offerings along with solidifying our position as the leading residential Rent Now, Pay Later player in Saudi Arabia.
