We are participating in Gathern’s pre-Series B strategic funding round, together with leading real estate developers Shurafa Real Estate Development, Al Majdia Residence, and Al Ajlan Riviera. Through the investment, Gathern looks to further increase its reach and leadership in the short-term and long-term rental market in Saudi Arabia.
We led Gathern’s $6.0m Series A funding round less than a year ago. At the time, we were very impressed with Latifah Altamimi’s ability to lead Gathern towards having the largest supply of P2P rental units in a $3.3b market growing at 10%+ yearly. Moreover, with Vision 2030’s focus on domestic and international travel, the Kingdom is expected to welcome 100m visitors by 2030, a great opportunity for a home-grown travel and tourism startup like Gathern.
Since our initial investment, the Company has marched fast along a trajectory of solid growth and today we confirm our conviction by participating in a strategic funding round, led by Shurafa Real Estate Development and with participation from Al Majdia Residence, Al Ajlan Riviera, and Al Safa Real Estate Development. The additional capital coupled with the strategic value of having Suadi leading real estate developers on board will fuel further growth and enable Gathern to bolster the P2P rental market.
Indeed, the strategic partnership with the Real Estate developers that have invested in the round will provide Gathern with an additional advantage to unlock previously unutilized supply and increase its market share. In particular, Gathern will be able to quickly expand its offering of longer-term rentals. While this segment is relatively new to the platform, it has quickly grown to account for a significant share of all bookings.
We're excited to be partners with Gathern on their mission to give people a home everywhere, whether short-term or long-term, and have full faith in the team to take on this mission and create an exceptional experience for their customers and hosts. Gathern should be your 1st choice for booking any vacation stay and long-term rentals - book your next stay here!