Silkhaus to fuel KSA expansion with seven-figure growth round

Wamda

28-01-2025

UAE-based proptech Silkhaus has closed a seven-figure growth round, led by Nuwa Capital and Oraseya Capital, with participation from Impulse International, Yuj Ventures, Nordstar, and other family offices.
Founded in 2021 by Aahan Bhojani, Silkhaus offers a marketplace for short-term rentals across the UAE.
The new funding will fuel Silkhaus's expansion in Saudi Arabia, where it is now open for bookings for guests from around the world.
A year ago, Silkhaus closed multi-million-dollar pre-Series A financing from San Francisco-headquartered Partners for Growth (PFG).
Press release:
Silkhaus (www.silkhaus.com), a leading proptech startup revolutionising the short-term rental market in the Middle East and Asia, has announced the closing of a seven-figure growth round led by Nuwa Capital and Oraseya Capital, with participation from Impulse International, Yuj Ventures, Nordstar, and prominent family offices. The new funding will fuel Silkhaus's expansion in the Kingdom of Saudi Arabia (KSA), where it is now open for bookings for guests from around the world.
Silkhaus's expansion into KSA includes the launch of its booking platform under the leadership of Sabine El Najjar, KSA Managing Director & VP Commercial, and Peter May, VP Operations, positioning the company as a premier choice for business and leisure travellers seeking high-quality accommodations.
A multi-billion opportunity in KSA and the UAE
The KSA and UAE short-term rental market together exceeds $2.5 bn in size, growing 46% per year with increasing demand from guests, while landlords look to monetise the growing supply of available apartments in both countries. The company now operates properties valued at over $200 million annually across Dubai, Abu Dhabi, and Riyadh, spanning the luxury and mid-market segments.
The company will focus on providing guests in KSA with world-class and seamless booking options through its website while leveraging technology to optimise property returns for landlords. In Riyadh, neighbourhoods such as Al Sahafa, Al Nada, and Qurtuba are seeing strong demand, particularly for one-bedroom apartments, which maintain the highest occupancy rates.
Aahan Bhojani, Founder & CEO, Silkhaus, said: 'This growth round is a testament to Silkhaus' commitment to redefining the short-term rental industry. With the support of our investors and team, we are excited to scale our operations in the UAE and KSA, offering innovative solutions to property owners and premium experiences to guests. The short-term rental economy of the GCC is experiencing a significant growth surge, and we are proud to be leading this growth.'
Double-digit growth in booking value driven by guests from UK, USA & Russia
Gross booking values continue to grow by more than 100% year-on-year since launch, with guests from over 120 countries choosing Silkhaus properties for their stays. According to the company's data, the United Kingdom, USA and Russia are the top international source markets for guests at Silkhaus properties. Regional demand is also a strong driver, with one-third of bookings coming from the GCC, led by the UAE and KSA.
In Silkhaus' Dubai portfolio, residential neighbourhoods like Dubai Production City, Al Barsha and Dubai Creek Harbor proved themselves among the most popular, with an average yearly occupancy of over 90%, while Emaar Beachfront continues to attract high-end demand, with average nightly spends up to 50% higher than the city average. In Abu Dhabi, short-term rental nightly rates are on par with Dubai, with Yas Island, Al Raha, and Saadiyat Island being the highest yield locations.
Management and board appointments to lead the next stage of growth
Silkhaus has also strengthened its management team and board of directors. Ankit Shah, CFO of Silkhaus, has been elevated to Co-Founder and Board Member, and Abdul Wahab Al Halabi, Managing Director at Embassy Capital, has joined as an independent director. Additionally, Nitin Reen, Partner at Nuwa Capital, and Hassan Alfarsi from Oraseya Capital have also joined the board. New senior leadership appointments will be announced in the coming months.
Nitin Reen, Partner at Nuwa Capital, commented: 'Aahan and his team have a bold vision for the future of short-term rentals in the Middle East, supported by an outstanding team that's fully equipped to bring it to life. Their early achievements in the UAE serve as clear validation of the model's potential and bolster our confidence in scaling it to additional cities across KSA. We are proud to support Silkhaus as they continue to grow and redefine how guests experience consistent, high-quality stays at their properties.'
Hassan Alfarsi, Board Member at Oraseya Capital, commented: 'Silkhaus stands out as a leader in the short-term rental market, offering incredible value to property owners and travellers alike. We are excited to support Silkhaus's vision as it expands across the Gulf, tapping burgeoning tourism, corporate housing requirements and economic growth. This supports the realisation of the vision of the region's inspiring leaders.'
Founded in 2021, Silkhaus has rapidly grown to become the leading short-term rental operator in the GCC. The company's technology platform empowers property owners to monetise and manage their assets efficiently, delivering returns 20–40% higher than traditional long-term rental models.