Silkhaus, a United Arab Emirates-based platform for short-term rentals, announced on Tuesday that it has raised $7.75 million in a seed funding round.
Following this investment, Silkhaus has said it will accelerate its expansion across Middle East and North Africa region, as well as in South Asia and Southeast Asia. The company had earlier identified a $13 billion target market in these regions.
Having raised its seed round, the company said in statement that it would will focus on growing global supply on its platform. Silkhaus anticipates its market opportunity to grow to $18 billion by 2026, across Middle East and North Africa, South Asia and Southeast Asia.
Investors joining this round included Dubai-based Nuwa Capital, London-based Nordstar Partners, Berlin’s Global Founders Capital, Singapore-based Yuj Ventures, India’s Whiteboard Capital, and VentureSouq from Dubai.
Highlighting the global rise of short-term rentals, Aahan Bhojani, CEO and founder of Silkhaus, noted that the management of such properties is highly fragmented and largely offline as property owners lack the technology and know-how to deliver a world-class and standardised experience.
“We are building the operating system for property owners — large or small — to operate high quality short-term rentals,” Bhojani said.
Skift had earlier in an article highlighted how the tourism boom in the United Arab Emirates has allowed short-term rentals to thrive.
The Dubai-based company calls itself a platform that builds cutting-edge technology to provide asset owners with tools to monetise and manage their properties as short-term rentals.
Coming out of stealth mode, Silkhaus, founded in 2021, claims to have grown over 10 times through the past 12 months.
The company has said that it will grow the supply of properties on its platform, with a focus on hiring extensively for technology and strategic roles.