Investments

Abu Dhabi’s Rizek raise $10 million Series A to expand its home services platform to Saudi & Egypt

Abu Dhabi-based home services platform Rizek has raised $10 million in a Series A round, it announced last week. The investment came from Peak Investments, ADQ, and family offices from UAE & Saudi. Rizek had raised $3.5 million in a seed round less than a year ago. With this latest financing round, Rizek has now raised a total of $15 million to date.

Launched in 2020, the startup calls itself the super-app for on-demand home services – and rightly so. It offers tens of services in eight main categories – including cleaning, beauty and wellness, healthcare, men’s grooming, maintenance, business and design, automotive, and packers and movers.

Rizek currently offers these services to customers at their homes through a network of verified and trained service providers. In addition to these, the platform also offers an at-home Covid-19 PCR testing service. It claims to have helped the government collect more than 100,000 swabs for testing over the last few months.

Currently available in Abu Dhabi, Dubai, and Sharjah, and Ajman, Rizek plans to use the latest funds to expand to Saudi and Egypt as well. Since its launch, it claims to have grown its revenues by 800 percent and customer base by 700 percent.

Rizek’s co-founder and CEO Abdallah Abu-Sheikh, speaking about their early success, said, “There are many service-based economies in the region, but what we’ve done differently is ensure our processes are optimized and consistently up to date. At Rizek, we have continuously pushed the envelope of innovation by presenting an inclusive platform that places the power of choice in the customers’ hands. Our mission is to be the one-stop shop for all services across the region, allowing both suppliers and consumers to maximize on their values and benefits.”

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