UAE startup Silkhaus raises $7.75M for short-term rental platform

UAE-based proptech startup silk house has raised $7.75 million in seed funding to digitize short-term rentals in emerging markets.

Silkhaus claims this is one of the largest seed rounds in MENA history, led by Nuwa Capital, Nordstar, Global Founders Capital, Yuj Ventures, Whiteboard Capital, VentureSouq, as well as notable global unicorns and proptech entrepreneurs.

Founded in 2021, Silkhaus provides property owners with digital tools to monetize and manage their properties through short-term rentals.

As part of its mission to make short-term rentals more accessible to diverse audiences, the startup optimizes revenue and simplifies operations for landlords, allowing them to list multiple or single units on its platform with an average 20% increase in revenue yield to 40%.

“We have witnessed a significant increase in alternative accommodation and short-term rentals. However, the management of short-term rentals is highly fragmented and mostly offline. Landlords lack the technology and expertise to provide a world-class standardized experience,” said Silkhaus founder and chief executive Executive Officer Aahan Bhojani said.

“We are building the operating system for landlords, large and small, to operate high-quality short-term rentals and deliver memorable guest experiences. With the support of our global investors, we are excited to build Silkhaus into a global category leader.”

With the funding, Silkhaus will focus on growing supply on its platform to meet demand and expects its market opportunity in the Middle East and North Africa, South and Southeast Asia to grow from $13 billion to $18 billion by 2026.

“We are delighted to see Silkhaus become the leading short-term rental platform in Asia, and are particularly excited to be working with Aahan and his team, who in a short period of time have proven their ability to disrupt two large and fragmented industries: real estate and hospitality”, said Ole Ruch, Nordstar managing partner.

“At Silkhaus, we found a product that is loved and recognized by homeowners, travelers and businesses, and is capitalizing on the rapid growth of short-term rentals in emerging markets.”

In February, British proptech company Lavender enters the Middle East Partnered with Aldar, a UAE real estate developer and manager.