GuestReady Group, a short-term rental management company, has raised an additional AED22 million in funding, bringing the total funds raised to AED35 million.
The round was led by Dubai-based VentureSouq, and funds will be used to invest in product development and to fuel growth across GCC, Europe and Asia.
Airbnb, Co-Living, Housing-As-A-Service, and proptech have been in vogue among tech investors over the past three years.
During this period, GuestReady Group said it has managed to establish itself, managing more than 2,000 properties.
In Dubai, where GuestReady started less than 12 months ago, it already operates close to 100 properties and is among the largest short-term rental management companies in the UAE.
GuestReady provides services that turn vacant residential properties into listings on short-term rental platforms such as Airbnb and Booking.com.
The latest funding round was led by VentureSouq and supported by its local partner, Saudi Arabia’s Business Incubator and Accelerator Company (BIAC), a subsidiary of the Public Investment Fund (PIF). Many high-net-worth individuals from the GCC region also participated in the funding round including Tasheel Holding and OPM.
Existing investors such as Impulse VC, Boost Heroes, and Fortimo also increased their positions in GuestReady as part of the Series A funding round.
“We can build on our experience in scaling operationally complex companies and apply previous learnings in our journey with GuestReady. We have a strong product focus and automated many of the core processes via our proprietary developed property management system,” said Christian Mischler, co-founder at GuestReady.
“Dubai is one of GuestReady’s fastest growing markets, with the new funding we are exploring local investment and partnership opportunities to strengthen our market position and become the leading short-term rental management company in the Gulf region,” added Reem Al-Khatib, managing director of GuestReady Dubai.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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