Safqah Capital Raises $15.2M to Empower Real Estate Developers
Safqah Capital, the Saudi Arabia-based fintech and proptech company, announced the successful closing of its $15.2M seed funding round, aimed at empowering the real estate development sector by providing an integrated financial and technological infrastructure for developers, especially SMEs.
The round was jointly led by Shorooq and ANB Seed Fund, affiliated with ANB Capital, and Rua Growth Fund, with participation from Sharaka Capital, COTU Ventures, 500 MENA, Suhail Ventures, Sadu Capital, Middle East Venture Partners (MEVP), Waad Investment, and Joa Capital.
Founded in 2023 by Abdullah Alsubaie, Abdulmalik Alothman, Omar Alessa, and Karim Merhi, Safqah Capital focuses on addressing financing challenges faced by small and medium real estate developers, who often struggle to access capital through traditional channels.
In just 18 months, the company has funded over 70 real estate projects, with a total project value exceeding $800M, maintaining a clean track record free of defaults, supported by collateral exceeding 240% of the financed amount.
The company plans to utilize the funding to enhance its digital platform and technological capabilities, leveraging AI-driven risk assessment to support better decision-making, while expanding its services and increasing the number and scale of funded projects.
