• Saudi Arabia-based fintech Rabeh Financial has closed a $800,000 Seed investment round during LEAP 2024, in collaboration with Mjalis Investment Company and several angel investors, valued at $8 million.
• Rabeh, which was founded in 2022 by Mohammed Al-Salmi and a group of advisors, improves the experience of trading ownership and knowledge by allowing investors and entrepreneurs to discuss and assess investment ideas using AI and data analysis technology.
• With the additional funds, Rabeh plans to increase its presence both inside and outside of the Kingdom of Saudi Arabia.

Source: EntArabi

Rabeh Financial, a Saudi-based company specialising in crowdfunding services and equity exchange, announced during the events of LEAP24 conference, its success in closing a seed funding round of 3 million Saudi Riyals, in collaboration with Mjalis Investment Company and several angel investors, valuing the startup at 30 million Saudi Riyals.

Established in 2022 by Mohammed Al-Salmi and a team of advisors, Rabeh provides services that enable investors and entrepreneurs to easily exchange and evaluate investment opportunities. The company leverages modern data analysis technologies and artificial intelligence to enhance the experience of exchanging ownership and knowledge.

According to the company’s statement, Rabeh aims to create a secondary market for exchanging ownership, knowledge, and consultancy, which will enhance the chances of success and reduce risks. The company is also looking to launch technical features that will allow it to reach investors both within and outside the Kingdom in various fields, including real estate, and to offer a secure tech-driven working environment that complies with regulatory legislations to attract investments and drive business sector growth.

Mohammed Al-Salmi, the founder of Rabeh, emphasised the investors’ confidence in the investment round as evidence of their belief in the company’s vision to develop the investment and business environment with promising technological solutions in the Kingdom. Al-Salmi highlighted the company’s ambition to make investment fundamental in capitalising on promising opportunities and relying on advanced technologies to provide a distinctive user experience.

Mohammed Al-Omar, the chairman of Majalis Investment, noted that the funding round underscores the company’s commitment to offering a comprehensive and effective experience for investors and entrepreneurs. Al-Omar also looked forward to aligning with the Kingdom’s initiatives to improve and regulate the investment environment and to leverage technology to contribute to growth within Vision 2030.

Khaled Al-Finjan, an investor in the company, and Hazem Al-Najjar discussed the gap that the company aims to bridge by integrating financial and real estate tech solutions, emphasizing the significant importance of innovation in user experience and its positive impact on investment challenges and business growth in the Kingdom.

Abdullah Al-Abdullah, responsible for strategies, governance, and compliance, spoke about the dire need for advanced technological solutions that enhance innovation, sustainability, and transparency in the business sector, affirming Rabeh’s ambitions to lead this transformation.