Ajras Raises $28 Million in Seed Round to Simplify Rent Payments for Retailers
Saudi real estate tech firm, Ajras raises $28 million in seed funding with the active participation of Madarek International, as confirmed by the company's official statement.
This investment round encompasses both equity shares and debt financing, with its primary goal being to provide substantial support for Ajras in its ambitious expansion plans.
The company is looking to bolster its specialized initiatives, all of which are laser-focused on simplifying and streamlining the leasing process for commercial properties.
Established in 2022, Ajras operates through its innovative platform, acting as a bridge between small and medium-sized businesses and property owners.
The platform serves as a conduit for business owners to submit lease applications to Ajras.
These applications undergo a meticulous review process, and if approved, Ajras facilitates the leasing of the space from the property owner.
Notably, Ajras manages the collection of annual rent from the tenants and remits it to the property owner through regular monthly installments.
Ajras Raises $28 Million in Seed funding
This approach has proven beneficial to both property owners, who enjoy consistently high occupancy rates, and tenants, who benefit from flexible leasing solutions that support their cash flow management and business expansion.
In response to the successful funding round, Muath Al-Jubailan, the founder of Ajras, expressed his thoughts, saying, "Participation from Madarek International marks a significant milestone for all parties involved, as our interests and aspirations are perfectly aligned in this promising market."
Sari Al-Salem, the CEO of Madarek International, also underscored the significance of investing in the real estate technology sector, especially in light of Ajras' distinctive business model and the anticipated demand for its services.
The partnership between these two entities holds great promise in the rapidly evolving real estate tech landscape.
Source: WAYA Media