Riyadh based fintech and proptech platform Safqah Capital has raised $15.2 million in a seed funding round, marking one of the largest early stage equity raises in Saudi Arabia this year. The round was led by Shorooq, with participation from anb Seed Fund, Rua Growth Fund, Sharaka Capital, COTU Ventures, Sadu Capital, 500 Global, Suhail Ventures, MEVP, Waad Invest, and JOA Capital, underscoring broad investor confidence in the company’s growth trajectory and the structural opportunity in Saudi real estate financing.
Founded in 2023 by Abdullah Alsubaie, Karim Merie, Abdulmalik Alothman, and Omar Alessa, Safqah Capital is building Shariah compliant real estate financing infrastructure focused on small and medium enterprise (SME) developers, a segment traditionally underserved by conventional banks. The company aims to address persistent funding bottlenecks in Saudi Arabia’s housing and commercial real estate markets, which have been estimated to have a project pipeline exceeding $1.1 trillion under Saudi Vision 2030 and related mega-project initiatives.
Safqah’s platform combines structured financing with digital underwriting and data-driven risk tools to streamline capital access for developers. According to company data, in just 18 months since launch, Safqah has financed more than 70 development projects with an aggregate value exceeding $800 million, maintaining a zero-default track record and collateralization ratios exceeding 248% across funded loans, highlighting both disciplined risk management and significant latent demand for alternative financing solutions.
