Based in Dubai, the short-term rental proptech startup Silkhaus has raised a massive growth round to expand its footprint into Saudi Arabia while solidifying its standing across the rental market of the region.
Silkhaus, a short-term rental proptech startup based in Dubai, has announced completing a “seven-figure” growth funding round, marking another milestone almost a year after raising a “multi-million” pre-Series A funding round. While details as to the amount are not made public, it was led by Nuwa Capital and Oraseya Capital, with participation from Impulse International, Yuj Ventures, Nordstar, and family offices.
PC: Short Term Rentals
The funds will enable Silkhaus to expand its operations to the Kingdom of Saudi Arabia (KSA), where it has opened for bookings. Currently, Silkhaus has an annual property value exceeding over $200 million across Dubai, Abu Dhabi, and Riyadh. The properties range across luxury and mid-market segments, targeting leisure and business travelers.
While the growth fundraise was taking place, Silkhaus was rolling out its new booking platform, spearheaded by KSA managing director and VP commercial Sabine El Najjar and VP operations Peter May. It aims to improve guest experience and simplify services for property owners.
Aahan Bhojani, founder and CEO, Silkhaus, said that this round of growth is, “A testament to Silkhaus’ commitment of equally offering innovative solutions for property owners and premium experiences to guests, by scaling operations in UAE and KSA with investors and team support.”
This is accelerating the growth of the high-velocity short-term rental economy across the GCC and positioning Silkhaus at the center of the market. The startup reveals that the leading international visitors staying at its properties have come from the UK, US, and Russia.
To enhance its operations, Silkhaus is putting together a team of experts on the management and board sides. Ankit Shah is elevated from CFO to co-founder and board member, while independent director, Abdul Wahab Al Halabi, manages the Embassy Capital. In addition, Nitin Reen, a partner with Nuwa Capital, and Hassan Alfarsi from Oraseya Capital have joined the board. The executive search for more senior positions will continue.
Nitin Reen said, “Aahan and his team have an ambitious vision for the short-term rentals business in the Middle East; supported by a solid team ready to bring it to life. Their early successes in the UAE are clear validation of the model’s potential and further increase the confidence we have in scaling it to other cities in KSA.”
Hassan Alfarsi added, “Silkhaus is the champion of the short-term rental market, with incredible value for both property owners and travelers. We are excited to support Silkhaus’ vision for expansion across the Gulf and into growing tourism, corporate housing needs, and economic growth.”
Founded in 2021, Silkhaus has rapidly grown across the Middle East with the help of previous funding rounds-leading to $7.75 million in seed funding in 2022. The company is now on the cusp of international scaling that will change the very nature of short-term rentals in the region.