UAE PropTech startup, Silkhaus, raises $7.7M in latest Seed round
Venture Arabia
Introducing the Arab world's first AI-generated magazine | Powered by @zeeadvertising
Aahan Bhojani and Ashmin Varma founded Silkhaus in 2021 to reimagine lodging experiences for medium- and long-stay travel in emerging markets with rapid economic growth.
Silkhaus creates technology that digitizes the process of managing short-term rentals for both large and small property owners and claims to have increased its revenue more than tenfold in the last 12 months. By offering an operating system with tools to aid in the management and monetization of their properties, it accomplishes this by listing either one or numerous units on the site.
According to Aahan Bhojani, the opening of the real estate market in the UAE will aid in diversifying the holdings of both individual and institutional investors.
Investors from around the world and the region, including Nuwa Capital, Nordstar, Global Founders Capital, Yuj Ventures, Whiteboard Capital, and VentureSouq, took part in this round.
Technology that is being used in the real estate sector to create an ecosystem that includes everything from construction and analytics to property management and bookings is called Proptech and is reported to be developing at a rapid pace.
According to research from Future Market Insights, the worldwide #PropTech #market will increase from $18.2 billion this year to $86.5 billion in 2032 at a compound annual growth rate of over 17%.
The money will be used by Silkhaus to grow throughout South Asia, Southeast Asia, and the Middle East and North Africa regions. According to the start-up, #menaregion, South Asia, and Southeast Asia represent a $13 billion market opportunity that will grow to $18 billion by 2026.