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Silk House, a proptech startup headquartered in the United Arab Emirates focused on short-term rentals, is led by Partners for Growth (PFG), a global financial partner based in the United States. The company has raised an undisclosed multi-million dollar pre-Series A round of funding. We offer flexible growth debt and asset-backed financing. The deal also includes Silk House receiving an additional multi-million dollar line of credit to be used solely for the startup’s expansion plans.
Founded in 2021, Silk House has offices in Dubai and Abu Dhabi, and will soon open another location in Riyadh, with operations throughout the Middle East and Middle East countries, as well as in South and Southeast Asia. . Founded with a vision to disrupt the short-term rental market, Silk House takes a technology-driven approach to provide asset owners with the infrastructure tools to manage and monetize their properties, thereby increasing asset ownership. Promises the person his 20-40% higher income than conventionally. Earned through the traditional rental model. “Our technology enables us to give property owners the tools they need to succeed and thrive,” Silk House founder and CEO Arhan Bhojani said in an interview. Ta. middle east entrepreneurs. “For example, our dynamic pricing solution helps drive revenue generation and growth by optimizing occupancy and revenue using live market rates. Our property owner portal , provides real-time insights to property owners, fosters transparency and collaboration with partners, and educates them about the potential of the huge short-term rental asset class they belong to. ”
However, Bhojani added that Silk House’s technology-driven model was built with the goal of not only assisting property owners in the UAE, but also mitigating many aspects of finding short-term rental properties for themselves. Ta. “Automation and integration with major platforms such as Booking.com, Airbnb, and Expedia maximize the reach of your listings,” he added. “Our corporate booking portal addresses the needs of our corporate customers and enables them to book directly at competitive rates. We also leverage our technology to create a digital-first, non-profitable guest experience and Increase demand for a touch-sensitive stay, including self-check-in via smart devices.” Unlock and prioritize guest safety and staff time management. We prioritize service team efficiency through software and ensure seamless task scheduling.”
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Silk House’s business so far has attracted attention in the market and kept the startup in good shape. Since its inception, Silk House’s properties have served guests from over 120 countries, and in 2022, he received one of the largest seed rounds in the GCC from investors around the world. raised US$7.75 million. “Our progress since launch has been very encouraging, with technology supporting our 120% growth in the last 12 months,” says Bhojani. “This success has attracted partnerships with prominent developers and real estate industry leaders, further accelerating our trajectory and positioning us as one of the fastest growing short-term rental proptech companies in the region. became.”
It was exactly this kind of milestone that ultimately led to PFG’s interest in Silk House. “Through the use of technology, Silk House is reinventing the way landlords and institutional investors monetize their asset base. Silk House’s strong fundamentals position Silk House on its path to success. We are excited to be a part of their growth story.”
According to Bojani, his startup is now poised for further growth due to its own efforts and the expected trends within the UAE real estate sector in 2024. “The UAE real estate market continues to grow and 2023 will set a new record for home sales,” Borzinai emphasizes. “In fact, S&P [a global provider of credit ratings, research and insights for various sectors] expects approximately 40,000 new properties to be delivered in 2024. This means that investors have a wide range of options when choosing a home to invest in, from studios to large apartments. We also expect to see an influx of capital from around the world, especially as buyers come on board. From the UK, India, Pakistan and the GCC. Therefore, Silk House’s main focus is to accept new supplies from different types of real estate investors. These new property offerings allow us to scale quickly while delivering solid returns of 20-40%, which are consistently higher than traditional rental models. ”
And with fresh funding in hand, Bhojani hopes it can start a new phase of his startup’s growth. “This is an exciting time for us as we plan for future growth, and this new funding will enable us to do just that,” declared Bhojani. “First of all, we intend to double down on the market we are already present in. We are one of the market leaders in Dubai and have recently entered Abu Dhabi with a strong presence. intends to invest in expanding supply on its platform to meet the needs of guests in the 120 countries who choose to stay at Silk House properties, and furthermore, the capital will support the company’s geographic expansion, starting with Saudi Arabia. We are excited to bring our leaders’ vision to life and provide a high-quality experience for our guests when they come to the Kingdom.”
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