Saudi Arabia-based proptech company BuildNow has raised $9.4 million U.S. in a seed funding round — $6.5 million in equity and $2.9 million in debt.

Founded in 2022 by Hisham Al Saleh, Rahat Dewan and Abdulla Sheikh, BuildNow is the region’s first build-now-pay-later company, allowing real estate building companies to buy building materials on credit, with terms decided by the buyer and upfront cash payments made to SME suppliers. 

BuildNow offers an extensive network of suppliers, giving its customers more options. It uses such factors as financials, legal standing and market reputation to assess credit risk.

The funding round was led by Raed Ventures and Khwarizmi Ventures, with other participants including local investor angels like Careem co-founder Abdulla Elyas. The funding has been earmarked for recruitment and scaling the business.

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