Ejari closes $14.65mln (SAR 55mln) seed financing led by PFG, BECO Capital and anb seed

Ejari, a Saudi-based property technology (prop- tech) and fintech platform offering a Rent Now, Pay Later (RNPL) solution, closed a $14.65 million (SAR 55 million) round led by Partners for Growth (PFG), BECO Capital, anb seed, Rua Ventures, Alinma Bank (Alinma Pay), Vision Ventures and Aqar platform, Saudi’s leading property listing platform. The round also saw the participation of existing investors Salica Oryx Fund and several angel investors also participating. The round is a mix of debt and equity with the debt provided from California-based Partners for Growth. While the participation of key investor Alinma Bank came through the investment technology arm Alinma Pay.

Founded in 2022 by Yazeed Al-Shamsi, Fahad Albedah, Mohammed Alkhelewy and Khalid Almunif and based out of Riyadh, Ejari provides a unique Rent Now, Pay Later (RNPL) solution for 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 the Saudi market.

The platform offers much-needed flexibility to tenants, creating a shift in how rental payments are structured. In less than a year, Ejari has generated over $30 million in demand for its RNPL service and now operates in 17 cities across 8 regions in Saudi Arabia.

Ejari Co-Founder and CEO Yazeed Alshamsi commented: “”We’ve assembled a top-tier group of capital providers on both the equity and debt sides, featuring investors that include leading VCs from Saudi Arabia, the region, and internationally, along with two VC funds associated with Saudi banks and Saudi’s largest real estate marketplace along with our existing investors Salica Oryx Fund. This marks a major milestone in our journey to transform the Saudi rental market. 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”.

Al-Shamsi further highlighted the strong growth prospects in Saudi Arabia’s real estate sector: “Recent announcements such as the 2030 Riyadh Expo, the 2034 World Cup, and initiatives under Vision 2030, like the Ministry of Investment’s Regional HQ program, are set to drive significant demand for our RNPL service and the broader real estate market. These developments, combined with favorable macroeconomic trends such as increased foreign investment, economic diversification, and population growth, will create substantial opportunities for sustained growth in the sector.”

This new capital will allow Ejari to strengthen its market share within the residential RNPL space, enhance its product and service offerings, and solidify its position as the leading player in the Saudi rental market’s growing RNPL segment.