Saudi-based proptech, Ejari announced the closing of a $1 million (SAR 3.75 million) Pre-Seed round led by Hambro Perks’ Oryx Fund and Sanabil 500 MENA Fund, in addition to the participation of a number of angel investors.
In a statement, the company said “Our platform provides a unique solution through the Rent Now and Pay Later service for residential rentals to meet tenants’ need for more flexible payment options in the Saudi rental market. A large number of lease contracts in the Saudi market are paid on an annual or semi-annual basis. Our service allows tenants to pay their rent on a monthly basis and allows landlords to receive the full annual rent in one payment. The service provides tenants with financial flexibility to better manage their expenses and reduce the costs of moving to a new unit. While the landlords providing the service easily stand out and attract customers in a competitive rental market due to the availability of flexible payment options for the customer.”
“Our goal is to enable tenants to pay their rent on a monthly basis instead of annual payments, and to help property owners increase occupancy rates to enhance the development of the Saudi rental market system. With this round, we are well positioned to accelerate the growth of Rent Now Pay Later and expand into innovative solutions in other real estate technologies. As we move forward, we remain committed to providing innovative, client-centric solutions in the real estate technology sector.”
