Saudi Arabia’s most well-known proptech startup Ajras has raised a seed round of $28 million in the seed round led by Madarek. Ajras aims to solve the rental problem faced by small and large businesses in the area. Ajax’s business model tries to serve an option to pay rent in instalments.   Ajras is a Riyadh-based proptech startup that was founded in 2022 by Muath Aljubailan and co-founded by Abdullah Al Qarni, Ahmed Al Tamimi, Suleiman Aljarbou, and Suhail Al Tamimi. 

This is the first round of fundraising by Ajras, led by Madarek. Madarek actively invests in the domains of health, real estate, and education and this is their fourth investment in the domain. 

Madarek is a part of Saudi Vision Fund 2030 which is led by the Kingdom of Saudi Arabia. This financial sector development program includes sub-sectors like banks, insurance, investment, equity, and debt markets. It has become a matter of interest to all the top leadership needs and this market joins global indices and the emerging markets. It is a private company working within the real estate sector and helping with the development of real estate. This works under the diversified real estate activities and it also has one subsidiary operating across Jordan.

The vision of the company is to build a leading investment entity through the commitment and the role in helping the companies and also their growth locally and regionally.

The Healthcare sector is also one of the fast-growing promising sectors in Saudi Arabia. It is now considered one of the most challenging sectors where the market needs space for innovative solutions. 

Another challenge in real estate development includes the rise in the population and the lack of affordable housing. For that, vision 2030 has set a goal using a strategy in housing ownership and the development in the provision of housing and infrastructure as part of the recently announced expansion in Saudi Arabia’s population in the coming years. 

In education, after the refusal in 2016, the number of students in Saudi Arabia is expected to reach about four million students between the ages of 7 and 18 by 2025 by returning to growth again and again. This also shows that half of the current population of about 33 million is marked under the age of 25. 

The private company’s logistics views the growth of the commercial sector in the Kingdom and the exchange of goods, this logistics sector needs services by connecting markets to a commercial network through road, sea, and air transport, and also for storage and distribution in the form of improving the quality of services to facilitate business in the principle of integration while achieving.

The funds in Madarek company will be used to elaborate Ajras to magnify the view on its core product and in the payment process for long-term leases of commercial properties. 

Ajras Works also connects all small and medium-sized businesses with real estate owners by allowing entrepreneurs to search for real estate and offering choices to choose their preferred property and its exact location through its platform. This Ajras proptech company provides an app that offers financial solutions to make payments for rented property easily and securely.

The other entities with Ajras include Ajras Traders Private Limited, a company in Gurugram, Haryana, India, Ajras Steel, it is an industrial standard met steel plant, and Mariela Ajras, an Argentinean muralist.

This platform links business owners to apply to Ajras by submitting lease applications and reviewing the application, after the approval they lease the area from the property owner. The annual rent is cancelled by the property owner, while Ajras collects through regular monthly instalments from the tenants.