$1 million for Ejari to democratise real-estate access

🗝️ Ready to rent? Ejari’s got the keys. This Riyadh-based proptech platform offers a unique Rent Now, Pay Later (RNPL) solution that is aiming to democratise access to real estate.

And they just closed a $1 million pre-seed round! 

• Co-founded in 2022 by Yazeed Al-Shamsi, Fahad Albedah, Mohammed Alkhelewy, and Khalid Almunif, the company is licensed by the Real Estate General Authority of Saudi Arabia.

💰 Investor low-down: The round was led by Sanabil 500 MENA and Hambro Perks' Oryx Fund along with several angel investors.

🌆 Rental riddle

Almost 70% of residential rental contracts in Saudi Arabia are structured on an annual or semi-annual basis

Having to pay rent in such large lump-sums can prove challenging, particularly for young professionals and new families, and subsequently lead to cash flow issues for tenants unable to comfortably make such large payments.

📋 Everyone wins

Ejari switches things up enabling tenants to rent any unit of their choice and split their yearly rental payment across 12 months, with minimal fees. 

👪 For tenants? Empowers them to manage their monthly budgets more efficiently and alleviates concerns about large annual rental bills.

🔑 For landlords? They receive their full year's rent upfront, and potential for increased retention.

The result: A win-win - tenants get financial flexibility, and landlords can entice and retain more applicants in an ever-competitive market.

• Did we mention that their rental solutions are also fully Sharia compliant?

🚀 Looking forward

With their recent funding, Ejari have their sights set on accelerating the roll-out of its RNPL service, and also diversifying into other customer-centric prop-tech solutions.