Vacation rental platform Darent raised Seed funding from Al Tawuniya Insurance
Leading vacation rental platform Darent Platform, with participation from BIM Ventures and Morgan Stanley Inclusive Ventures Lab, has closed a seed funding round led by Al Tawuniya Insurance. With this investment, Darent’s standing as a major force in the proptech and hospitality industries is further cemented.
One of the fastest-growing industries in the region is tourism, and by 2030, the Kingdom of Saudi Arabia hopes to welcome 150 million visitors annually. The sector is expected to contribute 10% of GDP, up from its current 3% share. Over 60 million visitors were welcomed to the Kingdom in the first half of 2024, resulting in a 392,272 increase in the number of serviced rooms. By providing creative solutions to satisfy the growing need for distinctive and cozy lodging, Darent Platform plays a critical role in this growth.
With the help of this investment, Darent hopes to improve its platform’s development and technological prowess in order to offer a smooth and integrated user experience. With the help of artificial intelligence, the platform will be able to analyze market data and provide users with tailored recommendations, improving their overall stay experience. A portion of the funding will go toward this endeavor. Furthermore, the funding will assist with marketing initiatives aimed at growing the clientele and raising brand awareness.
Launching the first-ever insurance project in the region in collaboration with Al Tawuniya Insurance is one of Darent’s most noteworthy accomplishments. As part of its ongoing efforts to raise the standard of the tourism industry in the Kingdom, the company is demonstrating its commitment to fostering trust between hosts and guests with this initiative. With a user base that has grown significantly in just two years and property occupancy rates that have risen to over 90% during peak seasons, Darent has become the go-to option for travelers looking for extraordinary experiences while traveling.
One of Saudi Arabia’s biggest insurers, Al Tawuniya Insurance, is committed to fostering innovation and the nation’s economic development. Its investment in Darent is a reflection of its mission to support startups that provide cutting-edge solutions that improve people’s quality of life and help realize the objectives of Vision 2030.
Additionally, this is one of the first investments made by Morgan Stanley Inclusive Ventures Lab in the Middle East and North Africa. The Lab’s investment acknowledges the platform’s increasing popularity among hosts and guests as well as its potential to revolutionize the local vacation rental industry.
According to BIM Ventures, which is the top venture building studio, it builds and invests in startups with founders, supporting them from idea validation through market launch and giving them the resources, know-how, and day-to-day support they require to expand and succeed.
In line with the goals of Vision 2030 to support the tourism industry, Darent is dedicated to extending its services to additional cities in the Kingdom and throughout the MENA region. Darent wants to improve the quality of tourism services and encourage innovation in the hospitality sector by offering state-of-the-art solutions that meet the needs of travellers.
