Saudi PropTech Company Munjz Raises $5 Million in Series A Round
Recently transformed PropTech SaaS company, Munjz, will use the funds to further expand its services across Saudi Arabia.
Saudi Arabian real estate management cloud platform, Munjz, closed a $5 million Series A investment round from Vision Ventures, Almajdiah Investment Company and Wathiq Fund.
Founded in 2017 by Eng. Abdullah AlDaij, the B2C platform offers maintenance services - including HVAC, housekeeping, furniture assembly, plumbing, and electrical services - to homeowners via approved providers. Munjz recently transformed into a PropTech SaaS business targeting commercial clients with a tech platform that manages property, facilities, and operations.
"We are very proud that we are the first Saudi PropTech SaaS Company that provides technical solutions that fit with the Saudi market, driving a deep understanding of its needs,” Munjz CEO Eng. Abdullah AlDaij tells StartupScene. “We are also proud that we are the first company in this field to close an investment round led by companies from the same sector we serve.”
The round aims to enhance Munjz's position in the Saudi market and upgrade its automation of facilities management. "The real estate sector is one of the fast-growing sectors in the past few years, and it is expected that this growth will continue and the competition will lead to better services to customers, which is where Munjz is the easiest solution to the sector," CEO of Vision Ventures, Eng. Kais Al-Essa, tells StartupScene.
Saudi Arabia's venture capital ecosystem is rapidly growing, with over $978 million raised and 80% of the investors based in Saudi Arabia.
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