Silkhaus, a UAE-based property technology company, has raised $7.75 million in a seed round that makes it well positioned to execute its business and expansion strategy in the medium term, as well as contribute to boosting the portfolio of investors.
The start-up, whose holding company is incorporated in Abu Dhabi Global Market, provides short-term rentals across emerging markets.
The UAE’s real estate sector opening would help diversify the portfolio of individual and institutional investors.
PropTech is the application of technology into the real estate industry, creating an ecosystem that encompasses anything from property management and bookings to construction and analytics, largely accessible using a mobile app.
Meanwhile, the short-term rental market has grown exponentially, as people increasingly sought more flexible and budget-friendly accommodations, especially with staycations becoming popular, largely thanks to Airbnb.
The rising trend of global nomads, or professionals who work from anywhere, has also fueled demand for such properties.
Silkhaus was founded in 2021 by Mr Bhojani and Ashmin Varma, and has grown tenfold over the past 12 months, the company said. It aims to address the highly fragmented real estate rental market and bring more properties online.