UAE: Dubai-based short-term rental proptech Silkhaus has announced that it has closed a “multi-million” pre-Series A funding round.
The round was led by San Francisco-headquartered investment firm Partners for Growth [PFG]. The startup has previously been backed by venture capital firms including Nuwa Capital, Nordstar Partners, Global Founders Capital, Yuj Ventures, Whiteboard Capital and VentureSouq.
As part of the agreement, Silkhaus will also gain access to an additional multi-million dollar credit line to support its expansion plans.
Founded in 2021 and headquartered in Dubai, Silkhaus builds technology that digitises the process of operating short-term rentals for large and small property owners alike. It does this by providing an operating system with tools to help them monetise and manage their properties, listing either single or multiple units on the platform.
The company, which raised $7.75 million in seed funding in 2022 [one of the largest seed rounds in the history of the GCC region], plans to use the investment to expand into Saudi Arabia.
Aahan Bhojani, founder and CEO of Silkhaus, said: “Since our launch, Silkhaus has experienced incredible demand, growing by 120 per cent over the past 12 months. We are thrilled to partner with the PFG team as we begin scaling Silkhaus across the GCC with a diversified capital stack and investor base.
“We have focused on financial sustainability since inception, and this global capital partnership with PFG is a testament to our fundamentally strong unit economics,” he added.
Armineh Baghoomian, managing director and head of EMEA at Partners for Growth, said: “Through the use of technology, Silkhaus is reinventing how landlords and institutional investors are able to monetise their asset base. Silkhaus’ strong fundamentals have put them on the path to success, and we are excited to be a part of their growth story.”
Peter May, vice president operations at the startup, spoke on an ‘Urban Living MEA webinar – short-term rental MEA overview’ in October – watch the recording back here.