We are leading a $6m (SAR 22m) Series A investment round in Gathern, Saudi Arabia’s leading and fastest-growing peer-to-peer (P2P) rental marketplace. Through Gathern, anybody can rent a house, loft, villa, cottage, farm, and istraha, among other options, directly from an individual owner – on a daily basis. We look to support Gathern to scale their business, which already saw significant growth during the pandemic.
Domestic and international tourism has been a core focus of Saudi Arabia’s Vision 2030. By 2030, the country aims to welcome 100 million international and domestic visitors, making Saudi Arabia one of the top 5 tourist destinations globally. In order to achieve this goal, the government has set up several entertainment- and travel-focused entities, while also pledging to invest $64bn in tourism projects over the next decade. While Hajj and Umrah already account for nearly 10 million international visitors to the Kingdom yearly, the number of international visitors is only expected to increase, especially given the recent introduction of tourist visas. In 2025, the market is expected to reach $4.3bn, growing at 10%+ a year. We believe that this provides an incredible opportunity, especially with the right value proposition that captures a significant share of the value pool.
With that in mind, we are incredibly excited to partner with Gathern – it is our first investment in the travel space, and the largest ever investment in a female-led Saudi-based startup. We are leading the Series A investment in the company, with participation from existing and new investors.
Through Gathern, anybody can rent a house, loft, villa, cottage, farm, and istraha, among other options, directly from an individual owner. While property owners usually require an individual P2P rental license to rent out their property, Gathern allows them to list their properties for rent on their website without having to obtain this individual license – removing a significant hurdle in the vacation rental market. The company is currently already active in 100+ cities within the Kingdom, and is looking to further expand its presence, supply pool, and value proposition in the country.
Of course, it takes the right team to win in such a massive market. We believe that Latifa Altamimi and the Gathern team have the right engine to tackle this fast-growing market with a fresh approach. They have proven themselves to be incredibly nimble and resilient during COVID-19, where they grew significantly despite the on-going challenges.
This is certainly one to look out for, so be sure to try it out and book your next trip through Gathern.