UAE startup Rizek has raised $10 million in Series A funding to expand its on-demand home services platform into Saudi Arabia and Egypt, capitalizing on the growing gig economy.
Target Information
Rizek, a UAE-based startup established in 2019, operates as a 'super app' designed for on-demand home services. Launched in 2020, Rizek connects users with service professionals across various industries, enhancing the regional gig economy and facilitating income opportunities for part-time workers. The company has significantly grown since its inception, reporting over 800% revenue growth and a customer base increase of 700% without disclosing exact figures.
With a focus on optimizing processes and integrating new services, Rizek aims to expand its platform's market presence while improving customer experience. The startup's founding mission is to serve as a comprehensive marketplace for all service needs in the region, thus maximizing value for both suppliers and consumers.
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Industry Overview
The e-commerce sector in the Middle East and North Africa (MENA) region is experiencing exponential growth, accelerated by factors such as increased smartphone usage and internet accessibility. Research from Bain &
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Peak Investments and ADQ
invested in
Rizek
in 2023
in a Series A deal
Disclosed details
Transaction Size: $10M