UAE: Dubai-based short-term rental proptech startup Silkhaus has announced that it has closed a “seven-figure” growth round, almost a year to the day since it finalised a “multi-million” pre-Series A funding round.
The undisclosed figure round was led by Nuwa Capital and Oraseya Capital, with participation from Impulse International, Yuj Ventures, Nordstar, and prominent family offices.
Silkhaus plans to use the funding to drive its expansion in the Kingdom of Saudi Arabia [KSA], where it is now open for bookings. The company says that it now operates properties valued at over $200 million annually across Dubai, Abu Dhabi and Riyadh, which span both the luxury and mid-market segments.
It also coincides with the launch of Silkhaus’ new booking platform under the leadership of Sabine El Najjar, KSA managing director and VP commercial, and Peter May, VP operations, as it targets both leisure and business travellers alike.
Aahan Bhojani, founder and CEO of Silkhaus, said: “This growth round is a testament to Silkhaus’ commitment to redefining the short-term rental industry. With the support of our investors and team, we are excited to scale our operations in the UAE and KSA, offering innovative solutions to property owners and premium experiences to guests.
“The short-term rental economy of the GCC is experiencing a significant growth surge, and we are proud to be leading this growth,” he added.
According to the startup’s data, guests from the UK, USA and Russia are leading the way in terms of international visitors staying at Silkhaus properties.
While announcing its growth round, Silkhaus is also strengthening its management team and board of directors.
Ankit Shah, CFO of Silkhaus, has been promoted to co-founder and board member, and Abdul Wahab Al Halabi, managing director at Embassy Capital, joins as an independent director. Nitin Reen, partner at Nuwa Capital, and Hassan Alfarsi from Oraseya Capital, have also joined the board.
New senior leadership appointments are expected to be announced in the coming months.
Nitin Reen, partner at Nuwa Capital, said: “Aahan and his team have a bold vision for the future of short-term rentals in the Middle East, supported by an outstanding team that’s fully equipped to bring it to life. Their early achievements in the UAE serve as clear validation of the model’s potential and bolster our confidence in scaling it to additional cities across KSA.
“We are proud to support Silkhaus as they continue to grow and redefine how guests experience consistent, high-quality stays at their properties,” added Reen.
Hassan Alfarsi, board member at Oraseya Capital, said: “Silkhaus stands out as a leader in the short-term rental market, offering incredible value to property owners and travellers alike. We are excited to support Silkhaus’s vision as it expands across the Gulf, tapping burgeoning tourism, corporate housing requirements and economic growth. This supports the realisation of the vision of the region’s inspiring leaders.”
Founded in 2021, Silkhaus operates across the Middle East and plans to scale internationally. In addition to last year’s pre-Series A round, the company previously secured $7.75 million in a seed funding round after coming out of stealth in 2022, a year after being founded.
