Mabaat Successfully Closes SAR 9 million funding round lead by Deryah Ventures fund

Business

Mabaat Successfully Closes SAR 9 million funding round lead by Deryah Ventures fund

Riyadh, Kingdom of Saudi Arabia, August 17, 2021 Mabaat, an innovative tech operator platform aiming on disrupting the short-term rental market, has secured SAR 9 million in a seed funding round led by Deryah Ventures with participation from SEEDRA Ventures.

Founded in October 2019 by Talal Al Sorayai, Mabaat has rapidly grown into a trusted marketplace for short-term rental. The companys unique 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. Mabaat offers a unique level of transparency and efficiency to property partners and guests through real-time information streamlining vital operations like booking and payment, sterilization and cleaning schedules, property maintenance updates, and much more.

Talal Al Sorayai, Founder and Chief Executive Officer of Mabaat said while commenting on the funding round We are extremely proud of this investment that supports our vision in disrupting the alternative accommodation market. Mabaats innovative platform is unique as it offers property partners higher occupancy levels at attractive rates. With this direct support that we have received from the Saudi government and our partnership with the Ministry of Investment and Tourism, Mabaat is now well positioned to disrupt the alternate accommodations market throughout the Kingdom.

Funding will be used for increasing awareness of the Mabaat brand and highlighting its unique value proposition to property owners and guests. Marketing activities will also target regional travelers seeking short-term rental solutions, while visiting the Kingdom. Funds have also been earmarked for enhancing the technology behind Mabaat to ensure the continuation of matching guests with the most suitable properties. Mabaat is also focused on seeking talent to fill key positions over the forthcoming months to meet its clients needs.

Faris Al Rashed, Head of Derayah Ventures, commented that, 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% of Saudi GDP by 2029. In order to realize this, one of the new models considered is short-term rental that capitalizes on existing and hardly-utilized capacities, therefore, prepare them for medium to short-term stays.

Mabaat, the countrys fastest-growing alternative accommodation platform, is focused on maximizing the benefits for property owners and their guests. Its underlying objective is to reduce the burden suffered by property owners, while managing their properties, and afford business and leisure guests maximum experience throughout their stay.