New Delhi, Feb. 10 -- Safqah Capital, a Riyadh-based fintech and proptech platform, has raised $15.2 million in one of the largest pure-equity seed rounds in Saudi Arabia, the company said in a statement.
The round was led by Abu Dhabi-based venture capital firm Shorooq, along with Riyadh-based investment banking firm anb Capital through its Seed Fund, and Rua Growth Fund, which focuses on investments across Saudi Arabia and the wider MENA region.
Other participants included Saudi Arabia's Sharaka Capital, Sadu Capital, Suhail Ventures, Waad Investment, and Joa Capital, as well as UAE-based COTU Ventures, Middle East Venture Partners, and US-based investor 500 Global.
"Banks were not built for developers-we were," said Abdullah Alsubaie, co-founder and CEO of Safqah. "We've engineered an ecosystem where developers can access capital faster, accelerate project delivery, and improve capital efficiency while strengthening monitoring and risk controls for all stakeholders."
Safqah provides Shariah-compliant debt financing solutions designed for SME developers delivering housing and commercial projects in Saudi Arabia. The company is authorized by the Kingdom's Capital Market Authority (CMA) and offers investment in debt instruments, enabling developers to move efficiently from planning to execution.
The company combines real estate underwriting, structured financing, and developer-centric software on a single platform, using data analytics and AI to strengthen project monitoring, decision-making, and transparency. In less than two years, it has financed over 70 development projects with an aggregate value exceeding $800 million across Saudi Arabia.
"Safqah brings together technological innovation and strong credit governance to deliver more efficient and transparent financing solutions for real estate developers across the region," said Khalid S Alghamdi, CEO of anb Capital. "We believe the company is well positioned to support the evolution of the real estate and financial services sectors, enhance capital market efficiency, and contribute to sustainable economic growth in Saudi Arabia."
The fresh capital will be used to enhance Safqah's product offerings and digital platform, and build more sophisticated AI tools for risk assessment and underwriting. It will also expand its financing capacity to meet rising demand from developers, the company said.
Published by HT Digital Content Services with permission from VC Circle.