UAE Startup Rizek raises $10mn in Series A funding for expansion

By Shilpa Annie Joseph, Desk Reporter
  • Follow author on
Rizek
Representational Image

UAE-based “super app” for on-demand home services, Rizek has raised $10 million in a round of Series A funding in order to broaden its operations and expand across the country.

The funding was led by the US-based financial investment company Peak Investments and Abu Dhabi’s holding company ADQ.

Abdallah Abu Sheikh
Abdallah Abu Sheikh
CEO & Co-founder
Rizek

“There are many service-based economies in the region, but what we’ve done differently is ensure our processes are optimized and consistently up to date. At Rizek, we have continuously pushed the envelope of innovation by presenting an inclusive platform that places the power of choice in the customers’ hands. Our mission is to be the one-stop-shop for all services across the region, allowing both suppliers and consumers to maximize on their values and benefits.”

“It is humbling to watch what first started as an idea on paper prosper into the revolutionary service provider it is today. Rizek is the result of boundless passion and a nurturing environment for entrepreneurs presented to us by the UAE. This round of funding consolidates the emphasis of our platform as a product with a noteworthy impact on the eCommerce and service sector, and we look forward to further expanding upon its influence and success,” commented Mr. Ahmed Mazrui, co-founder of Rizek.

In June 2020, the company has raised $3.5 million in a seed round from the Abu Dhabi Investment Office (ADIO), e-tech investments, Rozana Investments, and a host of other stakeholders, making it one of the largest seed rounds ever raised by a regional start-up and cementing investors’ trust in its growth trajectory.

Rizek

Founded in 2019, Rizek is the UAE’s first local super app, connecting users with all kinds of home services with the click of a button. It aims to increase job opportunities for part-time employees by enabling them to earn service-based income through the app, thereby boosting the regional gig economy. Users can request services from a range of categories via the company application, including home care, car services, fashion, and healthcare, among others.

Related: Saudi Arabia-based Sary raises $30.5mn in Series B funding


YOU MAY LIKE