Image Courtesy: Rizek website
Abu Dhabi-based service marketplace Rizek has raised $3.5m in seed funding to increase job opportunities enabling people to earn a service-based income via the portal.
The funding came through the participation of regional strategic investors, including the Abu Dhabi Investment Office (ADIO), e-tech investments, Rozana capital and others.
With $1.5m raised in a pre-seed round in 2019, the portal’s total raised capital now tallies $5m.
The startup also plans to invest in upskilling its freelancers and SME service providers to help them garner more opportunities. Furthermore, it looks to work closely with government bodies to help their employees upgrade their skills.
Abdallah Abu-Sheikh, founder and CEO of Rizek, 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 However, the way these services are delivered happens to be outdated and costly.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.”
“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,” he added.
ADIO has invested through its Ventures Fund, a 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).
“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,” said ADIO’s director-general, Dr. Tariq Bin Hendi.
Having launched their service marketplace in February 2020, the startup has built a strong platform of suppliers and consumers, and have delivered thousands of on-demand services.
Rizek was the first to launch disinfection services in light of the Covid-19 pandemic, and also, expanded to provide a range of home cleaning, maintenance, beauty and wellness services.
It now aims to cater to a wider market of consumers, according more people the opportunity to earn a living.