Saudi Arabia’s leading vacation rental platform Gathern has raised $72 million in Series B round led by Sanabil Investments, a wholly owned subsidiary of the Public Investment Fund, with participation from STV, Pinnacle Capital, Nuwa Capital, and Endeavor Catalyst. The round values the company at over $266 million, making it the highest-valued venture-backed startup in the Middle East founded and led by a woman, according to Termsheet.The company said the round will help it prepare for an IPO on Tadawul in the near future but did not provide a specific timeline.Founded in 2016 by Latifah Altamimi as a chalet booking platform in the Kingdom, Gathern has grown into the country’s leading alternative hospitality platform, enabling guests from all over the world to book properties listed by individuals for short-term rentals. In Riyadh, where the company is headquartered, it also offers monthly rentals, according to its website.Gathern claims to have over 72,000 private hospitality units operated by local hosts across Saudi Arabia, representing nearly 15% of the total hotel and non-hotel supply in the Saudi market. In a statement, Gathern said that it has a 44% market share in the Kingdom’s alternative hospitality sector, rising to 53% in Riyadh.Since its inception nine years ago, the platform has injected more than $533 million into the local economy, benefiting over 33,000 Saudi hosts who earn significant monthly income. The company claims to have grown over 500% in the last two years, with more than 5 million registered users and guests from 150 nationalities. Total payouts to local hosts have exceeded $533 million.“This funding round marks a pivotal milestone in Gathern’s journey, reinforcing our readiness to enter a new phase of expansion and corporate transparency in preparation for our stock exchange listing,” the company said in a statement.The fresh capital will be deployed to accelerate Gathern’s local and regional expansion, with particular focus on attracting inbound travelers and catering to long-term stay demand, aligning with Vision 2030’s goal of positioning Saudi Arabia as a global tourism hub. The investment will also support further technology infrastructure development, including AI-powered user experience enhancements, and expansion of the host network.Gathern had previously raised $6 million in an STV-led Series A in 2021 and an undisclosed amount of money in a pre-Series B in 2022.AuthorRecent Posts Post Views: 3,643