Abu Dhabi-based service portal RIZEK has managed to gather $3.5 million in one of the largest seed funding rounds in the MENA region which witnessed the participation of strategic investors from across the region, including Abu Dhabi Investment Office (ADIO), E-tech investments and Rozana capital.
With $1.5 million pre-seed raised in 2019, this capital infusion takes Rizek’s total funding accumulated to date to $5 million. With the fresh capital, Rizek prepares to stimulate the region’s gig economy with its service marketplace, as well as boost job opportunities for people to earn a service-based income through the portal.
“Most of the big cities in the region have a service-based economy. However, the way these services are delivered happens to be outdated and costly. We at Rizek believe that the region needs an inclusive platform where customers can view all their options before commissioning the services.”
“What we plan to do at Rizek is to essentially democratize the informal workspace by being the first to build a one-stop-shop marketplace for services in the region. This will allow both suppliers as well as consumers to maximize the value and benefit they receive,” noted the founder.
“I believe that the team we have put together at Rizek is one of the best teams that can and will realize this vision and build this platform that our region will be proud of,” Mr. Sheikh added.
ADIO said it had funded through its Ventures Fund, a Ghadan 21 initiative founded to support innovation-focused startups in Abu Dhabi. “Rizek is part of a new generation of startups thriving within the Abu Dhabi innovation ecosystem,” remarked ADIO Director-General Dr. Tariq Bin Hendi.
“Our investment will fuel the next stage of the company’s growth while helping to connect more freelancers and SMEs with potential commercial opportunities,” Mr. Hendi added. He also observed that in the light of the current economic challenges, Rizek aims to strengthen and sustain a fair marketplace.
This will ensure customers obtain the highest quality of services at prices that are fair to them as well as to those providing the service, Mr. Hendi stated.
The startup also intends to spend upskilling its freelancers and SME service providers to assist them to land more opportunities. Furthermore, it looks to work closely with government bodies to support their employees to upgrade their skills, Mr. Hendi appended.