Dubai: UAE proptech startup Silkhaus has raised multi-million dollar funding from San Francisco headquartered Partners for Growth (PFG) in a pre-Series A round. The company announced Wednesday that the agreement provides Silkhaus access to an additional multi-million dollar credit line. The funds would be used to support its expansion plans.
The Dubai-headquartered firm is building for the global short-term rental industry valued at over $100 billion. In 2022, Silkhaus raised $7.75 million from global investors.
Silkhaus powers short-term rentals with real estate owners ranging from institutional entities with mass holdings to individual retail owners with single apartments.
The company leverages technology to provide asset owners with infrastructure tools to manage and monetize properties, explained Silkhaus.
Aahan Bhojani, Founder and CEO of Silkhaus said, “Since our launch, Silkhaus has experienced incredible demand, growing by 120 per cent 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.”
Bhojani explained, “We have focused on financial sustainability since inception, and this global capital partnership with PFG is a testament to our fundamentally strong unit economics”.
Properties owners on Silkhaus earn on average 20-40 per cent more income than through traditional rental models, the company explained.
Armineh Baghoomian, Managing Director and Head of EMEA at Partners for Growth said, “Through the use of technology, Silkhaus is reinventing how landlords and institutional investors are able to monetize their asset base.”