UAE-based proptech startup Silkhaus has secured $7.75 million in seed funding, backed by top global venture capitalists and entrepreneurs, one of the largest seed rounds in the Middle East and North Africa (MENA) region.
Silkhaus’ investors include leading global venture capital funds, technology funds, real estate funds, and the strongest entrepreneurs across markets, the company said.
The investment will be used to digitize short-term rentals and expand its business across emerging markets. Investors who participated in the seed round include Dubai’s Nuwa Capital and VentureSouq, London-based Nordstar, San Francisco’s Global Founders Capital, Singapore-based Yuj Ventures and India’s Whiteboard Capital.
With a presence in UAE and an engineering team in India, Silkhaus’ expansion roadmap includes MENA, South Asia, and Southeast Asia, as per the company statement.
“We are witnessing a significant increase in alternative accommodation and short-term rentals. However, the management of short-term rentals is highly fragmented and largely offline. Property owners lack the technology and know-how to deliver a world-class and standardized experience. We are building the operating system for property owners – large or small – to operate high-quality short-term rentals and deliver memorable guest experiences. With the backing of our global investors, we are excited to build Silkhaus into a global category leader.”
Mr. Nitin Reen, Partner at Nuwa Capital said that, “Our investment in Silkhaus, alongside global technology and strategic investors, reflects our belief in the future of accommodation solutions and Silkhaus’ ability to operationalize and scale the affinity that customers will expect of the Silkhaus brand.”
“We are excited to see Silkhaus emerge as the leading platform for short-term rentals across Asia and particularly excited to partner with Aahan and his team who in a short time have proven their ability to disrupt two large and fragmented industries: real estate and hospitality. In Silkhaus we found a product that is loved and recognized by property owners, travelers and enterprises alike, and are tapping into the rapid growth of short-term rentals in emerging markets,” commented Mr. Ole Ruch, Managing Partner at Nordstar.