UAE-Based Proptech Startup Silkhaus Raises Pre-Series A Round
The agreement also grants Silkhaus access to an additional multi-million dollar credit line to support its expansion efforts.
Silkhaus, a proptech startup based in the UAE, has secured a multi-million-dollar pre-Series A financing from Partners for Growth (PFG), a San Francisco-based investment firm. Established in 2021, Silkhaus operates a platform facilitating short-term rentals in the UAE and has plans for expansion into Saudi Arabia.
The recent funding agreement not only includes a pre-Series A investment but also grants Silkhaus access to an additional multi-million dollar credit line to support its expansion efforts.
Headquartered in Dubai, Silkhaus aims to revolutionize the short-term rental market in the Middle East and Asia, targeting a global industry valued at $100 billion. By leveraging technology, the company provides property owners with infrastructure tools for efficient management and monetization of their assets. According to Silkhaus, property owners on its platform earn an average of 20% to 40% more income compared to traditional rental models, with guests from over 120 countries having stayed at Silkhaus properties.
“Since our launch, Silkhaus has experienced incredible demand, growing by 120% over the past 12 months. We are thrilled to partner with the PFG team as we begin scaling Silkhaus across the GCC with a diversified capital stack and investor base,” Aahan Bhojani, Founder and CEO of Silkhaus, tells StartupScene. “We have focused on financial sustainability since inception, and this global capital partnership with PFG is a testament to our fundamentally strong unit economics.”
Founded by Aahan Bhojani and Ashmin Varma, Silkhaus has attracted attention and investment, having raised $7.75 million from global investors in 2022. This funding round marked one of the largest seed investments in the history of the GCC region.
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Jan 31, 2024