A Jeddah-based startup has secured SAR nine million in a seed funding round.
Mabaat, a property management company, that operates a little like Airbnb has announced that it has secured SR9 million (or $2.4 million) in a seed funding round led by Dubai-based venture capital fund Derayah Ventures.
The company, which was established in 2019, was officially licensed by the Ministry of Tourism in Saudi Arabia in November 2020 and has already significantly established itself in the country
Mabaat is already becoming the largest specialized short-term rental platform in the country.
بعزيمة أساسها الشغف ورحلة دورها التجدد ..
أغلقت مبات جولة استثمارية بقيمة 9 ملايين ريال بقيادة دراية فنتشرز ومشاركة سيدرا pic.twitter.com/deTkfspmII
— Mabaat Homes | مبات (@MabaatHomes) August 17, 2021
The start-up specializes in renting out mid-to-high-end residential units on behalf of owners on a short-term basis and handles the entire rental process from marketing to booking, payments, and property maintenance.
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The Saudi startup aims to use the funding to boost its marketing strategy for domestic travellers, enhance its technology infrastructure, and expand its growing team.