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Dubai Startup Silkhaus Aims For A “Smooth As Silk” Experience
Technology now plays a key role in the Dubai rentals market, helping real estate investors and travelers alike to create unique hospitality experiences.
Dubai-based Silkhaus is a PropTech startup that describes itself as a “technology-first hospitality brand”. The company aims to offer immersive nomadic experiences by “providing business and leisure travelers with a home away from home” and, as the name suggests, convert tedious planning into an experience that’s as smooth as silk.
For readers unfamiliar with the term, PropTech is the application of technology in the real estate sector. It encompasses everything from property management and Airbnb-style bookings to construction and analytics, with features usually accessed through a mobile app.
The global PropTech market value is projected to grow from $18.2 to $86.5 billion by 2032 — a compound annual rate of about 17% — and is primarily driven by nomadic professionals who are happy to relocate for career purposes.
As for Silkhaus, the startup was conceived by strategy consultant Aahan Bhojani, who noticed several issues with his own corporate travel experiences. He now strives to ensure others won’t experience the same frustrations.
“I realized there was something broken about the long-stay travel experience, and finding suitable long-term accommodation options on online travel aggregators was like pulling a needle out of a haystack […] aside from investors purchasing real estate, we have seen a growing interest in the resident population seeking to reside in the UAE. The need for a ‘landing pad’ to accommodate incoming audiences has never been stronger,” says Aahan Bhojani, founder and CEO of Silkhaus.
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Despite a gradually worsening global market, Silkhaus was still able to raise $7.75 million in a seed funding round last month, and is well placed to boost its portfolio of investors and continue with a medium-term expansion strategy.
Over the last few years, big data and cloud technology have transformed consumer experiences in the property sector, positively affecting property owners, tenants, landlords, and brokers alike. Startups like Silkhaus look set to continue this trend, with plans in the works to expand to cities across the Middle East and eventually into South and South-East Asia.