Gathern, the fastest-growing platform for P2P rentals in Saudi Arabia, announced that it had closed the (PreSeries B), round of strategic real estate development firms and STV. Shurafa Real Estate Development led the round with participation from Al Majdia Residence, Al Ajlan Riviera and Al Safa Real Estate Development.
Gathern’s previous investment round closed last May and was valued at $6 million (SAR22million).
Gathern lets tourists and visitors rent houses, apartments, cottages, farms and huts from individuals. The rental rates are daily, weekly or monthly. The platform “Gathern” has witnessed a growth in the registrations of private housing units around the Kingdom, by more than 10 times compared to the previous year, and the occupancy rates on its units reached 95% in seasons including, the Riyadh season, the Al-Ula season, summer season and other seasons. Gathern, which is now available in over 180 cities in the Kingdom, is the largest platform for the Kingdom of Saudi Arabia and the largest player within the hospitality sector with more than 25 000 units.
Gathern will grow further by continuing to attract top talent that can develop innovative solutions. It will also continue its geographical expansion as it works to expand its offerings to include more services that address every stage of the user’s journey. The company also seeks to increase the value it provides and accelerate its transformation into an integrated platform. These integrations with parallel services will ease both the users’ and hosts’ journey, and raise the efficiency of the services provided.
Latifah Altamimi, founder and CEO of Gathern, said: “We are happy to have the most prominent real estate development companies in the Kingdom join us on our journey as strategic partners, with whom we will work to raise awareness of the culture of shared housing, which has helped many countries increase the offerings and the diversity of tourist accommodation facilities. It made cities more accessible and allowed for better exploration, which in turn led to increased visitor spending at 2.1 and a longer stay at 2.1. Therefore, we will work to enable the people in Saudi Arabia, to rent out their housing across regions for visitors and tourists and obtain an excellent additional monthly income.”
Also, Mr. Mohammed Al-Ajlan, CEO of Mohammed & Musaab Abdullah Al-Ajlan Investment Co. has clarified: “We are pleased to announce our partnership with Gathern, the first licensed shared accommodation marketplace since we realize the importance of digitalization, accessibility and prop-tech solutions in providing accommodation services. We look forward to developing new horizons towards optimized short-term accommodation solutions, as we strive to create more opportunities for a unique customer experience.”