News

UAE’s Silkhaus Secures Pre-Series A Funding For Expansion

The cash injection includes a multi-million-dollar credit line supporting the PropTech startup’s plans for growth.

Published

6 months ago

January 17, 2024

uae's silkhaus secures pre-series a funding for expansion

Silkhaus, a Dubai PropTech startup dedicated to transforming the short-term rental landscape in the Middle East and Asia, has recently announced a substantial pre-series A financing round. The funding comes via San Francisco-based Partners for Growth (PFG). The strategic partnership also grants Silkhaus access to a substantial credit line, which will facilitate its ambitious expansion plans.

Silkhaus harnesses cutting-edge technology to provide property owners with the essential infrastructure tools to manage and monetize their real estate assets. The startup oversees every aspect of the rental process, from handling bookings to property distribution and operations, ensuring an exceptional guest experience.

On average, property owners using Silkhaus platforms report earning between 20% to 40% more income compared to traditional rental models.

The significant cash injection means that Silkhaus is now poised to disrupt the global short-term rental sector, which boasts a valuation of over $100 billion.

aahan bhojani silkhaus ceo

Aahan Bhojani, the Founder and CEO of Silkhaus, expressed his enthusiasm for the partnership with PFG, saying, “Since our launch, Silkhaus has experienced incredible demand, growing by 120% over the past 12 months. We are thrilled to partner with the PFG team as we begin scaling Silkhaus across the GCC with a diversified capital stack and investor base”.

Also Read: Top E-Commerce Websites In The Middle East

Meanwhile, Armineh Baghoomian, Managing Director and Head of EMEA at Partners for Growth, praised Silkhaus for its innovative approach, noting, “Through the use of technology, Silkhaus is reinventing how landlords and institutional investors are able to monetize their asset base. Silkhaus’ strong fundamentals have put them on the path to success and we are excited to be a part of their growth story”.

Established in 2021, Silkhaus has already attracted guests from over 120 countries to its properties. In 2022, the company secured $7.75 million in funding from a consortium of global investors, marking one of the most significant seed funding rounds in the history of the GCC region.

News

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

1 day ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.