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

10 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

New High-Tech Immersive Gaming Attraction Arrives In Dubai

The City Centre Mirdif facility comes courtesy of Canada’s Activate Games and blends fitness and gaming for thrilling, tech-savvy entertainment.

Published

1 day ago

October 30, 2024

Nour Nasir

new high-tech immersive gaming attraction arrives in dubai

Activate Games

Majid Al Futtaim Entertainment has joined forces with Canada’s Activate Games to bring a thrilling, tech-driven gaming experience to City Centre Mirdif. The new facility is Activate’s debut project in the MENA region, and reimagines indoor entertainment by merging gaming with fitness to specifically appeal to Dubai’s tech-focused population.

Activate at City Centre Mirdif offers nine unique game rooms that incorporate advanced technology to create an environment where players must jump, dodge, climb, and solve puzzles in more than 50 interactive games. A highlight of the experience, the Mega Grid, has already gone viral on TikTok, attracting attention with its dazzling array of over 500 lights that respond to players’ movements.

Activate’s Dubai location includes 10 levels of game difficulty, spanning from beginner to advanced, making it accessible to all skill levels. Adam Schmidt, CEO and founder of Activate, emphasizes that this experience goes beyond typical fitness or gaming: “With our innovative games engineered for repeat play, we offer a dynamic space for friends, families, and teams to connect, have fun, and stay active. This is a fresh take on entertainment that has made Activate the fastest-growing entertainment concept in the world”.

A central feature of Activate’s success lies in its use of RFID technology, which enables seamless tracking of player progress and achievements. Players earn rewards and badges based on game performance, adding a layer of gamification that keeps them coming back. “Our use of RFID technology allows for seamless tracking and progress, and our reward and badge system adds extra motivation, with players earning badges and rewards based on their achievements,” Schmidt explains.

Also Read: Wa’ed Ventures Pledges $100M For Early-Stage AI Startup Funding

As interest in gaming continues to surge in the Middle East, Activate’s timing is ideal to meet the region’s increasing demand for tech-driven entertainment. Positioned as the first experience of its kind in the MENA region, Activate at City Centre Mirdif is set to attract a broad range of visitors, from families to gaming enthusiasts, all seeking a novel and active form of entertainment, he says.