RIZEK raised $10 million in Series A funding - MENA startups, innovation, and tech news

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RIZEK raised $10 million in Series A funding
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RIZEK raised $10 million in Series A funding

Many people must have wondered if they could get occasional assistance in their household chores or a magic wand to run their errands while they could pay attention to other important tasks, like spending quality time with family. Well, this has come true with RIZEK’s new Mobile Application that directly connects service professionals with the customers and saves time for people without any hassle.

UAE-based demand-driven home service startup Rizek has currently raised a $10 million Series A funding round. Rizek is one of the thriving Abu-Dhabi- built Start-Ups & the first and foremost ‘super-app for on-demand home service in the country. Rizek was founded in 2019, by Abdallah Abu-Sheikh, a Business Person from Amman, the Capital of Jordan.

You must be thinking what home services do Rizek provides?

So, let me inform you, Rizek is a UAE-based super app that provides all kinds of home services at just one click, Housekeeping & Maid services, Beauty, Healthcare, Maintenance, Grooming & its the first application in UAE which also provides healthcare facilities during COVID-19. Rizek claims to provide RT-PCR Tests at home & consultation with the doctor.

Rizek claimed to have helped the government in collecting more than 1,00,000 samples for COVID-19 testing, in the last few months. SERIES A is the first remarkable round of Venture Capital Financing. The name SERIES A basically refers to the class of desired stocks sold to the investors in exchange for their investments. ANGEL INVESTORS means a person who lays out capital for a business start-up, usually in swapping for convertible debt or ownership equity.

Founder & Co-Founder

Rizek was founded by Abdallah Abu-Sheikh, CEO & Co-Founder, Ahmed Mazrui. The CEO of Rizek said, “There are many service-based economies in the country, but what we have done differently is ensured our processes are optimized & are regularly updated. At Rizek, we have continuously pushed the envelope of innovation by making an appearance of an inclusive platform that places the power of choice in the customers’ hands. Our main mission is to be the one-stop-shop for all the services across the country, permitting both the suppliers & the consumers to maximize their values & benefits”.

The Co-Founder of Rizek further stated “It is humbling to watch what first started as an idea on paper into the wide-ranging service provider it is today. Rizek is the outcome of boundless passion & a nurturing environment for entrepreneurs presented to us by UAE. This round of funding consolidates the emphasis of our platform as a product with a noteworthy impact on the e-commerce, service sector & we look forward to further extending upon its influence & success”.

In June 2020, Rizek escalated $3.5 million in a Seed round from Abu Dhabi Investment Office (ADIO), with the contribution from several family offices which are established in UAE & Saudi Arabia. Recently, Venture Capital Funding brought Rizek’s gross fundings to higher than $15 million, till now.

Rizek is currently accessible in Abu Dhabi, Dubai, Sharjah, and Ajman. Rizek is currently planning to utilize the recent funds to expand its business to Saudi & Egypt as well. (Seed funding or round is the first official equity funding stage. It usually represents the first official money, that a business venture or enterprise
raises.)

Goals Of Rizek.

For Rizek, the triumph of its funding is a tribute to the team’s main objective & the vision for the future in the country. Rizek is transforming the ways services were offered, it is reinforcing the service sector in the country with a focus on upgrading the service quality & expanding job opportunities. Rizek aims to increase job opportunities for half-time employees by enabling them to earn through service & to reduce unemployment in the country.

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