Darent Closes Seed Funding Round Led by Al Tawuniya Insurance

• Saudi Arabia-based real estate technology company Darent has closed an undisclosed Seed funding round led by Al Tawuniya Insurance, with participation from Morgan Stanley Inclusive Ventures Lab and BIM Ventures.
• Founded in 2021 by Hanin Al-Subaie, Darent is a rental property management tool that allows owners to list their units on a platform, connecting them with tenants.
• Darent plans to use the round to enhance its AI technology and support its marketing efforts.
• In 2022, Darent raised $1 million in a pre-Seed round led by Watheeq Proptech Venture with participation from other investors.

Press release:

Darent Platform, a leading vacation rental platform in the Kingdom, has successfully closed a seed funding round led by Al Tawuniya Insurance, with participation from Morgan Stanley Inclusive Ventures Lab and BIM Ventures. This investment further solidifies Darent’s position as a leading player in the proptech and hospitality sectors.

Saudi Arabia’s tourism sector is one of the fastest growing in the region, with the Kingdom aiming to welcome 150 million tourists per year by 2030. The sector’s contribution to GDP is set to increase from 3% to 10%. In the first half of 2024, the Kingdom saw significant growth in tourism, welcoming over 60 million tourists and increasing the number of rooms it serves to 392,272. The Darent platform is playing a key role in this growth, offering innovative solutions to meet the growing demand for unique and comfortable accommodation.

With this investment, Darent plans to enhance its technological capabilities and further develop its platform to provide a seamless and integrated user experience. Part of the funding will be used to invest in artificial intelligence, enabling the platform to analyze market data and provide personalized recommendations to users, ultimately improving the guest experience. Additionally, the funding will support marketing efforts to expand its customer base and increase brand awareness.

One of Darent’s most significant achievements is the launch of a first-of-its-kind insurance project in the region in partnership with Al Tawuniya Insurance. This initiative reflects the company’s commitment to building trust with hosts and guests and is part of its ongoing efforts to improve the quality of the tourism sector in the Kingdom. Since its launch two years ago, Darent has seen significant growth in user numbers and occupancy rates surpassing 90% during peak seasons, making it a preferred choice for travellers looking for an exceptional experience.

Al Tawuniya Insurance, one of the largest insurance companies in Saudi Arabia, is committed to supporting innovation and economic growth in the Kingdom. Its investment in Darent reflects its vision of supporting startups that offer innovative solutions that improve lives and contribute to achieving the goals of Vision 2030.

The investment is also one of Morgan Stanley Inclusive Ventures Lab’s first in the Middle East and North Africa region. The Lab’s investment is in recognition of the platform’s potential to transform the vacation rental market in the region and its growing popularity among both guests and hosts.

BIM Ventures is a leading investment studio specializing in building and investing in startups with their founders, from idea validation to market launch, while providing companies with the capital, expertise and operational support they need to grow and thrive in the marketplace.

Darent is committed to expanding its services to more cities in the Kingdom and across the MENA region, in line with the goals of Vision 2030 to strengthen the tourism sector. By providing cutting-edge solutions that meet the needs of travelers, Darent aims to elevate the quality of tourism services and foster innovation in the hospitality industry.

Dr. Hanin Alsubaie, Founder and CEO of Darent Platform, expressed his gratitude for the support, stating: “We are deeply grateful to our partners for their tremendous trust. This round of funding is a significant step towards realizing our vision of revolutionizing the vacation rental sector by effectively enhancing the travel experience and delivering pioneering solutions that elevate the tourism sector in the Kingdom.”

Fahad Bin Maamer, Chief Investment Officer at Al Tawuniya Insurance, added: “We at Al Tawuniya are proud to lead Darent’s first round of financing. We see great potential in this unique platform to drive innovation in the vacation rental space, which is a key part of the Kingdom’s tourism sector. We look forward to supporting Darent’s efforts to create a transformative impact on the local tourism scene in line with the ambitions of Vision 2030.”

Darent is an innovative Saudi vacation rental platform that aims to provide users with exceptional experiences through a wide range of accommodation options that appeal to different demographics of tourists and residents. The platform relies on advanced technologies to facilitate the booking and payment processes, providing a unique and seamless user experience. Since its inception in 2021, Darent has been committed to developing its services and expanding its reach in line with the Kingdom’s Vision 2030.