Darent, a prominent proptech startup in Saudi Arabia, has successfully closed a seed funding round led by Tawuniya Insurance. Morgan Stanley and BIM Ventures also participated in the round, further solidifying Darent’s position as a leading real estate technology platform.
The Kingdom’s booming tourism sector, aiming to attract 150 million tourists annually by 2030, aligns perfectly with Darent’s mission. The platform offers innovative solutions to meet the growing demand for unique and comfortable accommodations, contributing significantly to the sector’s expansion.
With the new funding, Darent plans to enhance its technological capabilities and provide a seamless user experience. By investing in artificial intelligence, the company aims to analyze market data and offer personalized recommendations to guests, elevating their overall satisfaction. Additionally, the funding will support marketing efforts to expand the customer base and increase brand awareness.
One of Darent’s notable achievements is the launch of the region’s first insurance project in partnership with Tawuniya Insurance. This initiative demonstrates the company’s commitment to enhancing the confidence of both hosts and guests in the services provided and contributes to improving the overall quality of the tourism sector. Darent has also experienced remarkable growth in its user base and property occupancy rates, exceeding 90% during peak tourist seasons.
Tawuniya Insurance, a major insurance company in Saudi Arabia, is dedicated to supporting innovation and economic growth. Its investment in Darent reflects its vision to support startups that offer innovative solutions to enhance the quality of life in the Kingdom and contribute to achieving the goals of Vision 2030.
Morgan Stanley, a global financial services firm, is making its first investment in the MENA region with this round. The firm’s participation signifies its strong belief in Darent’s potential to transform the holiday home rental sector in the region.
BIM Ventures, a business development studio, specializes in investing in and building companies. By providing capital, expertise, and operational support, BIM Ventures enables startups to grow and succeed.
Darent seeks to expand its services to more cities within Saudi Arabia and the MENA region, aligning with the goals of Vision 2030. By offering cutting-edge technological solutions, Darent aims to elevate the quality of tourism services and foster innovation in the hospitality sector.
Dr. Hanin Alsubaie, Founder and CEO of Darent, expressed gratitude to the investors for their trust and support. She emphasized the significance of this funding in achieving Darent’s vision of transforming the holiday home rental sector and enhancing the tourist experience.
Fahad Bin Maamer, Chief Investment Officer of Tawuniya Insurance, highlighted the potential of Darent to drive innovation in the holiday home space and contribute to the growth of the tourism sector. He emphasized the company’s commitment to supporting Darent’s efforts to create a qualitative shift in the local tourism landscape.
