Silkhaus Expands Across GCC with New Growth Round
Deal News | Jan 28, 2025 | Zawya
Silkhaus, a proptech startup based in the UAE, has successfully closed a seven-figure growth funding round led by Nuwa Capital and Oraseya Capital. Their expansion strategy is poised to significantly impact the short-term rental market of the Gulf Cooperation Council (GCC), notably in the Kingdom of Saudi Arabia (KSA) and the United Arab Emirates (UAE), a combined market exceeding $2.5 billion and growing at an annual rate of 46%. The additional capital aims to strengthen its presence in prestigious residential areas such as Riyadh and Dubai. Gross booking values have surged by over 100% annually, largely fueled by international demand, especially from the UK, USA, and Russia. Recently, Silkhaus has announced strategic personnel changes; CFO Ankit Shah has been promoted to Co-Founder and Board Director, alongside other board appointments from reputable firms like Nuwa Capital and Oraseya Capital. These changes are set to steer Silkhaus's aggressive market expansion, applying technological solutions to increase returns for landlords and enhance service offerings for tenants.
Sectors
- PropTech
- Real Estate
Geography
- GCC – The article focuses on Silkhaus's operations and expansion in the Gulf Cooperation Council region, encompassing countries like Saudi Arabia and the United Arab Emirates.
- Saudi Arabia – Saudi Arabia is a key focus for Silkhaus's expansion, representing a significant portion of the short-term rental market targeted by the company.
- United Arab Emirates – As the headquarters of Silkhaus and a central hub of its operations, the UAE plays a crucial role in the company's growth strategy.
Industry
- PropTech – Silkhaus operates within the proptech industry, leveraging technology to optimize short-term rental property management.
- Real Estate – As a short-term rental operator, Silkhaus is part of the real estate sector, specifically catering to the rental market in the GCC region.
Financials
- Seven-figure – The growth funding round closed by Silkhaus, led by Nuwa Capital and Oraseya Capital.
- $2.5 billion – The estimated size of the KSA and UAE short-term rental market that Silkhaus is targeting.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Silkhaus | Target company | Company | A UAE-based proptech startup leading in the GCC short-term rental market. |
| Nuwa Capital | Investor | Company | A capital investment firm leading the recent growth funding round for Silkhaus. |
| Oraseya Capital | Investor | Company | An investment firm participating in funding Silkhaus's expansion. |
| Impulse International | Investor | Company | Participated in the growth funding round to support Silkhaus expansion. |
| Yuj Ventures | Investor | Company | One of the participating investors in Silkhaus’s growth round. |
| Nordstar | Investor | Company | A participating investor in the funding round for Silkhaus. |
| Aahan Bhojani | CEO, Co-Founder | Person | Founder and CEO of Silkhaus, spearheading the company's expansion and strategic direction. |
| Ankit Shah | CFO, Co-Founder, Board Member | Person | Recently elevated to Co-Founder and Board Member, taking a pivotal role in Silkhaus's strategic growth. |
| Abdul Wahab Al Halabi | Independent Director | Person | Joined Silkhaus's board to guide its expansion, representing Embassy Capital. |
| Nitin Reen | Board Member | Person | Partner at Nuwa Capital, joining Silkhaus's board to support scalability. |
| Hassan Alfarsi | Board Member | Person | Representative from Oraseya Capital on Silkhaus's board, involved in growth strategy. |