Silkhaus, a Dubai-based proptech startup dedicated to helping owners manage and monetize short-term rentals across the Middle East and Asia, announced it has raised a “multi-million” pre-series A financing from San Francisco-headquartered Partners for Growth (PFG).
The agreement also provides Silkhaus, which was founded in 2021, access to an additional multi-million dollar credit line to support its expansion plans. The amounts of funding and credit were not released.
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Aahan Bhojani, founder and CEO of Silkhaus, said, “Since our launch, Silkhaus has experienced incredible demand, growing by 120% over the past 12 months. We are thrilled to partner with the PFG team as we begin scaling Silkhaus across the [Gulf Cooperation Council] with a diversified capital stack and investor base. We have focused on financial sustainability since inception, and this global capital partnership with PFG is a testament to our fundamentally strong unit economics.”
Armineh Baghoomian, managing director and head of Europe, the Middle East and Africa 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. Silkhaus’ strong fundamentals have put them on the path to success, and we are excited to be a part of their growth story.”
In 2022, Silkhaus raised $7.75 million from global investors, in one of the largest seed rounds in the history of the Gulf Cooperation Council region.