Funds will be used to market and enhance the platform and attract diverse talent
Riyadh, Kingdom of Saudi Arabia: Mabaat, an innovative tech operator platform focused on disrupting the short-term rental market, has secured SAR 9 million in a seed funding round led by Deryah Ventures with participation from SEEDRA Ventures.
Founded in October 2019 by Talal Al Sorayai, Mabaat has rapidly grown into a trusted marketplace for short-term rental. The company’s unique digital platform onboards properties and manages them on behalf of its owners, with offerings ranging from mid to high-end private homes and compounds distributed throughout key markets in the Kingdom. Mabaat provides a unique level of transparency and efficiency to property partners and guests through real-time information streamlining vital operations like booking and payment, sterilization and cleaning schedules, property maintenance updates, and much more.
Commenting on the funding round, Talal Al Sorayai, Founder and Chief Executive Officer of Mabaat said, “We are extremely proud of this investment that supports our vision in disrupting the alternative accommodation market. Mabaat’s innovative platform is unique as it offers property partners higher occupancy levels at attractive rates. With this direct support that we have received from the Saudi government and our partnership with the Ministry of Investment and Tourism, Mabaat is now well positioned to disrupt the alternate accommodations market throughout the Kingdom.”
Funding will be used for increasing awareness of the Mabaat brand and highlighting its unique value proposition to property owners and guests. Marketing activities will also target regional travelers seeking short-term rental solutions, while visiting the Kingdom. Funds have also been earmarked for enhancing the technology behind Mabaat to ensure the continuation of matching guests with the most suitable properties. Mabaat is also focused on seeking talent to fill key positions over the forthcoming months to meet its clients’ needs.
Faris Al Rashed, Head of Derayah Ventures, commented that, “Investment in the tourism sector is one of the pillars of the Saudi Vision 2030 that targets a contribution from this sector close to 11.5% of Saudi GDP by 2029. In order to realize this, one of the new models considered is short-term rental that capitalizes on existing and hardly-utilized capacities, therefore, prepare them for medium to short-term stays.”
Mabaat, the country’s fastest-growing alternative accommodation platform, is focused on maximizing the benefits for property owners and their guests. Its underlying objective is to reduce the burden suffered by property owners, while managing their properties, and afford business and leisure guests maximum experience throughout their stay.
Kickstarted as a hospitality platform on Nov. 2019, with a key objective to be the largest specialized corporate site for quality short and medium-term housing and luxury residential accommodation rental throughout the Kingdom of Saudi Arabia. Mabaat offers a wide and multiple-size array of housing units at the best price available in the market. Its service options are delicately engineered to fill a need long felt by esteemed guests by offering them indelible experience that one can ever get.
Mabaat.com contributes to diversifying and improving investment returns of residential real estate by attracting short-term rental visitors, maintaining occupancy levels within portfolio properties, and managing the day-to-day operational hassles. Beyond the direct financial benefits, Mabaat provides full transparency to property owners through its platform by reporting guest check-ins and check-outs, cleaning, sterilization, maintenance and other service activities. Owners are able to track their steady cashflows and stay holistically acquainted with the smallest property occupancy details.
Mabaat’s chief responsibility is embedded in providing top-notch accommodations by utilizing technology across its channels of communication with guests, partners and employees, as it is qualified to bring the best technical service offerings to ensure guests are fully satisfied and enjoying unprecedented experience.
About Derayah Ventures:
Founded in 2019, Derayah Ventures is a venture capital fund based in Riyadh, Saudi Arabia. The fund seeks to make minority investments in early-stage startups, seed & series A. The fund targets startups in software, artificial intelligence, e-commerce, fintech, SaaS, and Internet of Things sectors in the Middle East and North Africa. Derayah has already bolstered some of the most promising startups over the past two years, and still looking for more inspiring founders searching for a sure foothold in an ever-evolving startup world.
About SEEDRA Ventures:
SEEDRA Ventures is an early-stage venture capital firm branching out of Riyadh, Saudi Arabia, with special focus on cultivating disruptive innovations and trends across the region.