UAE-based proptech startup
Silkhaus
has raised $7.75 million in seed funding to digitize short-term rentals across emerging markets.
The round, which Silkhaus claims is one of the largest seed rounds in the history of the MENA region, was led by Nuwa Capital, Nordstar, Global Founders Capital, Yuj Ventures, Whiteboard Capital, VentureSouq and prominent global unicorn and proptech entrepreneurs.
Founded in 2021, Silkhaus provides property owners with digital tools to monetize and manage their properties as short-term rentals.
As part of its mission to make short-term rentals more accessible to diverse audiences, the startup optimizes revenue and streamlines operations for property owners, allowing them to list multiple or single units on its platform with an average revenue yield increase between 20 to 40%.
“We are witnessing a significant increase in alternative accommodation and short-term rentals. However, the management of short-term rentals is highly fragmented and largely offline. Property owners lack the technology and know-how to deliver a world-class and standardized experience,” says Aahan Bhojani, founder and CEO of Silkhaus.
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“We are building the operating system for property owners - large or small - to operate high-quality short-term rentals and deliver memorable guest experiences. With the backing of our global investors, we are excited to build Silkhaus into a global category-leader.”
With the funding, Silkhaus will focus on growing its supply on its platform to keep up with demand and anticipates its market opportunity to grow from $13 billion to $18 billion by 2026 across MENA, South Asia and Southeast Asia.
"We are excited to see Silkhaus emerge as the leading platform for short-term rentals across Asia, and particularly excited to partner with Aahan and his team who in short time have proven their ability to disrupt two large and fragmented industries: real estate and hospitality,” says Ole Ruch, managing partner at Nordstar.
“In Silkhaus we found a product that is loved and recognized by property owners, travelers and enterprises alike, and are tapping into the rapid growth of short-term rentals in emerging markets.”
In February, U.K. proptech company
Lavanda entered the Middle East
in collaboration with Aldar, a UAE real estate developer and manager.