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A Saudi Arabia-based property technology (proptech) firm, Ejari, has closed a pre-seed funding round, raising $1 million (SAR 3.75 million).
The round was led by Sanabil 500 MENA and Hambro Perks’ Oryx Fund, with participation from several angel investors.
Established in 2022 by Yazeed Al-Shamsi, Fahad Albedah, Mohammed Alkhelewy, and Khalid Almunif, Ejari offers a unique Rent Now, Pay Later (RNPL) solution for residential rentals, addressing the need for more flexible payment options in the Saudi rental market.
Ejari introduced its RNPL service in the second quarter of 2023 after obtaining a license from the Real Estate General Authority of Saudi Arabia.
Ejari’s RNPL service allows tenants to pay their rent monthly, while landlords receive their yearly rental payment in full before the tenant moves in.
