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UAE: Dubai-based tech-driven hospitality brand and rental investment property management platform, Qstay, has announced that it has raised $4.6 million in a pre-Series A funding round.
The company, which sets out to provide vacation rentals that combine the service and convenience of a premium hotel with the privacy and comfort of home, secured the funding through a combination of conventional and convertible debt.
It means that Qstay has now raised $11.1 million to date since its founding in 2020, having closed a $6.5 million debt and equity seed round in July 2022.
As it continues to establish itself in the global hospitality landscape, Qstay leverages AI-powered customer service and digital concierge services to enhance the guest experience, all while claiming to lower operating costs by up to 50 per cent. In addition, the company wants to transform the way in which real estate investors buy, manage and use their vacation rental properties.
Currently managing more than 300 properties across nine markets in four countries [including the UAE, Georgia and Azerbaijan], Qstay has set its sights on expansion into new markets over the next two years by utilising the investment.
Qstay co-founder Artur Khayrullin said: “We are thrilled to have secured this additional funding, which will enable us to accelerate our growth and continue to innovate in the hospitality sector. This investment is a testament to the strong market demand for our tech-centric, design-led hotel-style experience and the compelling economics we offer to property owners.”
Alec Redelman, co-founder of Qstay, said: “The support from our investors is a strong endorsement of our vision to redefine the guest experience and optimise returns for property owners. We are committed to expanding our footprint and enhancing our platform’s capabilities.”
