Saudi-based Mabaat has secured SAR9 million ($2.4m) in a seed funding round led by Deryah Ventures with participation from SEEDRA Ventures.
The innovative tech operator platform, which is focused on disrupting the short-term rental market, was founded in October 2019 by Talal Al Sorayai, and has rapidly grown into a trusted marketplace for short-term rental.
Al Sorayai, who is also CEO of Mabaat, said: “We are extremely proud of this investment that supports our vision in disrupting the alternative accommodation market.”
The company’s digital platform onboards properties and manages them on behalf of its owners, with offerings ranging from mid to high-end private homes and compounds distributed throughout key markets in the kingdom.
The funding will be used to increase awareness of the Mabaat brand and highlight its value proposition to property owners and guests. Marketing activities will also target regional travelers seeking short-term rental solutions, while visiting the kingdom.
Talal Al Sorayai, CEO of Mabaat.
Funds have also been earmarked to enhance the technology behind Mabaat to ensure the continuation of matching guests with the most suitable properties. While the company is also focused on recruitment for key positions over the forthcoming months.
Faris Al Rashed, head of Derayah Ventures, added: “Investment in the tourism sector is one of the pillars of the Saudi Vision 2030 that targets a contribution from this sector close to 11.5 percent of Saudi GDP by 2029. In order to realise this, one of the new models considered is short-term rental that capitalises on existing and hardly-utilised capacities, therefore, prepare them for medium to short-term stays.”
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