Ejari, a Saudi Arabian startup dedicated to democratizing access to real estate, has successfully closed a $14.65 million (SAR 55 million) seed funding round.
The round was led by Partners for Growth (PFG) and BECO Capital, with participation from anb seed, Alinma Bank (through its fintech arm Alinma Pay), and Rua Growth Fund.
Other participants include Vision Ventures and Aqar, Saudi Arabia’s leading property listing platform. Existing investor Salica Oryx Fund and several angel investors also participated.
This funding round is a mix of debt and equity, with the debt portion provided by California-based Partners for Growth. With this latest investment, Ejari has raised a total of $15.65 million (SAR 58.76 million) within less than a year.
Enhancing technology and expanding offerings
Ejari plans to utilize the new capital to strengthen its technological infrastructure and expand its range of products and services.
The company’s mission is to democratize access to the rental market and lower barriers for tenants across Saudi Arabia.
Ejari aims to provide exceptional value to its clients by offering more flexible payment options and innovative solutions.
“This funding brings us closer to our goal of making the rental market more accessible and breaking down barriers for tenants,” the company stated.
“We are deeply grateful for our investors’ trust in us and are excited about the future.”
Ejari was founded by CEO Yazeed Al Shamsi and his childhood friends Fahad Albedah, Khalid Almunif, and Mohammed Alkhelewey.
The idea for the company emerged from Yazeed’s personal experiences with the rigid rental system in Saudi Arabia and abroad, particularly the requirement of upfront annual rent payments.
