ⓘ Featured image: Rizek founders; Credits: Magnitt
Rizek, Abu Dhabi-based service marketplace yesterday announced that the company has raised $3.5 million in a seed funding round in which some regional investors participated including Abu Dhabi Investment Office (ADIO), e-tech investments, Rozana Capital and others.
The company has stated that the funds will be utilised to create job opportunities for people to earn service-based income.
The company will also be deploying fresh funds to upskill freelancers and SME service providers. Rizek will also work closely with government bodies to help their employees upgrade their skills.
Rizek last raised $1.5 million pre-seed in September 2019. The company launched its service marketplace in February 2020, and has built a strong platform of suppliers and consumers within a short span, on top of that, delivered thousand of on-demand services.
ADIO has invested through its Ventures Fund, Ghadan 21 initiative created to support innovation-focused startups in Abu Dhabi. In March, the Abu Dhabi Executive Council announced 15 new initiatives under its Ghadan 21 scheme which included subsidising electricity connection fees for startups until the end of 2020 and exempting them of performance guarantees for projects up to Dhs50m ($13.6m).
Commenting in the development, Abdallah Abu-Sheikh, Founder & CEO of Rizek in a press statement said,
“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 However, the way these services are delivered happens to be outdated and costly.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.”
He also added,
“What we plan to do at Rizek is to essentially democratise 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 maximise the value and benefit they receive. I believe that the team we have put together at Rizek is one of the best teams that can and will realise this vision and build this platform that our region will be proud of,”
Affirming their investment in Rizek, Dr. Tariq Bin Hendi, the Director-General of ADIO said,
“Rizek is part of a new generation of startups thriving within the Abu Dhabi innovation ecosystem. ADIO’s investment will fuel the next stage of the company’s growth while helping to connect more freelancers and SMEs with potential commercial opportunities,”
Rizek was the first one to launch disinfection services during COVID-19 pandemic and aims to cater to a wider market whilst creating job opportunities.