Silkhaus raises $7.75m in seed funding round

UAE: Dubai-based short-term rental proptech Silkhaus has secured $7.75 million in a seed funding round after coming out of stealth, a year after being founded.

Participating in the round were venture capital firms including Nuwa Capital, Nordstar Partners, Global Founders Capital, Yuj Ventures, Whiteboard Capital and VentureSouq, as well as a number of other proptech founders and international family offices.

The investment will enable the company to accelerate its expansion across the Middle East and North Africa region [MENA], as well as South Asia and Southeast Asia, having previously targeted the region as a $13 billion market investment opportunity that is scheduled to increase to $18 billion by 2026.

Furthermore, Silkhaus will seek to grow its global supply of properties, which will be supported by significant hirings in strategic and cutting-edge technology roles.

Nitin Reen, partner at Nuwa Capital, told TechCrunch: “Our investment in Silkhaus, alongside global technology and strategic investors, reflects our belief in the future of accommodation solutions and Silkhaus’ ability to operationalise and scale the affinity that customers will expect of the Silkhaus brand. Aahan and Ashmin have differentiated themselves in the right ways with an early emphasis on solid unit economics, market-leading NPS, and a value add for all of their stakeholders, including guests and property owners.”

Claiming to have grown its revenue more than tenfold in the last 12 months, Silkhaus builds technology that digitises the process of operating short-term rentals for large and small property owners alike. It does this by providing an operating system with tools to help them monetise and manage their properties, listing either single or multiple units on the platform.

Co-founder and CEO, Aahan Bhojani, said that Silkhaus has been built to deliver a “world class and standardised” experience for property owners who may otherwise not have access to cutting-edge technology, while it can also cater to leisure and business travellers staying for short-term or extended stays.

Dubai is preparing to welcome a wave of football fans travelling from across the world to attend the 2022 FIFA World Cup in Qatar, with many spectators expected to stay in neighbouring emirates and fly in and out for matches as a way of saving costs.