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UAE’s Silkhaus closes pre-series A funding for Saudi expansion

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  • Silkhaus offers end-to-end property management solutions for short-term rentals across the UAE, with plans to expand to Saudi Arabia

UAE’s Silkhaus closes pre-series A funding for Saudi expansion

UAE – Silkhaus, a proptech startup in Dubai, secured a multi-million pre-series A financing from San Francisco-headquartered Partners for Growth (PFG), according to a press release.

Silkhaus offers end-to-end property management solutions for short-term rentals across the UAE, with plans to expand to Saudi Arabia.

The company uses technology to provide asset owners with infrastructure tools to manage properties. It also supports short-term rentals with real estate owners ranging from institutional entities with mass holdings to individual retail owners with single apartments.

Founded in 2021, Silkhaus is building for the global short-term rental industry valued at $100 billion.

Aahan Bhojani, Founder and CEO of Silkhaus, commented: “Since our launch, Silkhaus has experienced incredible demand, growing by 120% over the past 12 months.”

“We have focused on financial sustainability since inception, and this global capital partnership with PFG is a testament to our fundamentally strong unit economics,” Bhojani added.

Armineh Baghoomian, Managing Director and Head of EMEA at Partners for Growth, noted: “Through the use of technology, Silkhaus is reinventing how landlords and institutional investors are able to monetize their asset base.”

It is worth highlighting that Silkhaus properties registered guests from more than 120 countries.

In 2022, the startup raised $7.75 million from global investors, which marked one of the largest seed rounds in the history of the GCC region.

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Source
Zawya.com

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