Ejari, a Saudi Proptech Firm, secures $1 Million in Pre-seed funding

Saudi-based prop-tech firm Ejari has raised $1 million in a pre-seed investment round. Esteemed investors Sanabil 500 MENA and the Oryx Fund from Hambro Perks, in addition to various angel investors, played significant roles in the funding.

Founded in 2022 by Yazeed Al-Shamsi, Fahad Albedah, Mohammed Alkhelewy, and Khalid Almunif, Ejari operates out of Riyadh. They have innovated the Rent Now, Pay Later (RNPL) model to cater to the traditional payment constraints observed in Saudi Arabia's rental landscape.

Following a green light from Saudi Arabia's Real Estate General Authority in 2023's second quarter, Ejari rolled out its RNPL service. This model allows tenants to handle Rent monthly while ensuring landlords receive a yearly payment in advance. Such an approach not only offers more financial leeway for tenants but also bolsters the appeal for landlords in a saturated rental market. The recent financial injection will aid Ejari in enhancing its RNPL service and branching out to new prop-tech avenues.

Yazeed Alshamsi, Ejari's CEO, told StartupScene, "Our ambition is to make the real estate market more accessible by transforming the annual rental burden into a monthly financial commitment. The new funds equip us to drive our Rent Now, Pay Later model's growth and diversify into other cutting-edge proptech areas."

Furthermore, Ejari has been recognized as a part of the 10th batch of the InspireU accelerator program led by the Saudi Telecom Company. They clinched the top spot in the Customer Experience Digitization Challenge, an initiative by the Real Estate Innovation Challenge backed by the Saudi Real Estate General Authority (REGA) and the Saudi Small and Medium Enterprises General Authority. Additionally, Ejari was a prominent participant in the MVP LAB initiative's maiden cycle, organized by the Saudi National Technology Development Programme.