Darent Platform Raises $1M Pre-Seed
Darent has raised $1M pre-seed in an investment round led by Watheeq Proptech Venture. Darent is a technology start-up that provides a daily local living experience and real estate property management on behalf of the owners, and enables residents to list their properties on the platform for daily rental.
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KSA-based PropTech and property management platform Darent has successfully closed a $1M pre-seed investment round led by Watheeq Proptech Venture in cooperation with other investors.
Founded in 2021 by Dr. Hanin Al-Subaie, Darent is a technology start-up in the tourism and hospitality sector. It provides a daily local living experience and real estate property management on behalf of the owners, and enables residents to list their properties on the platform for daily rental.
The funding in KSA last year was mostly directed towards industries like FinTech, E-commerce, and Software Enterprise. The major investements were secured by KSA-based InsurTech Rasan($24M), B2B digital marketplace Sary($75M), and Cloud-based Software Unifonic, which closed Saudi's first-ever mega deal with a staggering $125M. However, the country also managed to close 10 rounds in the Real Estate, and Travel and Tourism space. The 3 rounds in the Real Estate landscape recorded a funding growth of 570% YoY with participation from Qreeb, Dallali, and ehsibha. Travel and Tourism raked in $10M in funding making it to the list of top 10 funded industries in KSA. Gathern, a P2P on-demand rental platform, secured a major chunk of this funding with $6M of disclosed funds and a seed round of undisclosed value.
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The Kingdom of Saudi Arabia expects to receive 100M tourists annually by 2030. In 2021, the city of Riyadh hosted more than 11M visitors. By 2030, the Saudi tourism sector is expected to provide one million jobs and attract more than $30B to be spent inside the Kingdom. With Darent, local and foreign tourists can link with local residents providing daily rental options. The company strives to be the destination and guide for backpackers and travelers who are looking for a journey through which they will live and experience the daily lives of the locals. In a short period, Darent has been able to attract hundreds of local and international travelers who booked more than a thousand reservations across different cities in the Kingdom. On top of that, the team has been able to list more than a thousand real estate units.
Dr. Hanin Al-Subaie, founder and CEO of Darent, expressed her happiness with the deal, and stated that Darent will be using the funds of the current round to support its expansion and growth locally and regionally, and will further develop its technology ecosystem by providing more comprehensive solutions for tourists and traveler.
Dr. Hanin explained that by serving one of the important mandates of the Kingdome Vision 2030 and the government's direct support for the tourism sector, Darent “seeks to contribute effectively to this sector by providing a unique travel experience for tourists which maintains the customs and traditions of the local community.” She added that, “as we are striving to provide a variety of residential spaces that meet the needs and requirements of various tourist groups on one hand, we are keen on creating a safe investment opportunity for our hosts, on the other hand, along with the guidance needed to market their units in the best way possible to achieve excellent additional income at fair rates''.
Mr. Khaled Zidan, managing partner of Watheeq Proptech Venture, said: "the tourism sector has always been a critical pillar of the Kingdome Vision 2030, and we are pleased to lead the current round and invest in Darent. We are proud that the first investment opportunity for our fund was founded and managed by a Saudi female entrepreneur. The growth achieved by the company in a short period is evidence of the strength of the team and the comprehensive knowledge of the sector, which will enable the company to expand regionally and compete in global markets"
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