Darent closes a Seed round led by Al Tawuniya Insurance

• Saudi Arabia-based proptech Darent has closed an undisclosed Seed funding round, led by Al Tawuniya Insurance, with participation from the Morgan Stanley Inclusive Ventures Lab and BIM Ventures.
• Founded in 2021 by Hanin Al-Subaie and Khalid Alnujaydi, Darent is a property management tool for rental properties that allows owners to list their units on the platform, connecting them to tenants.
• Darent plans to utilise the round in enhancing its AI technology and supporting its marketing efforts.
• In 2022, Darent raised a $1 million pre-Seed round led by Watheeq Proptech Venture with the participation of 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 the Morgan Stanley Inclusive Ventures Lab and BIM Ventures. This investment further solidifies Darent’s position as a prominent 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 annually 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 a significant surge in tourism, welcoming over 60 million tourists and expanding the number of serviced rooms to 392,272. Darent Platform plays a crucial role in this growth by offering innovative solutions to meet the increasing demand for unique and comfortable accommodations.

With this investment, Darent plans to enhance its technological capabilities and further develop its platform to provide a seamless and integrated user experience. A portion of the funding will be allocated to investing in artificial intelligence, enabling the platform to analyse market data and deliver personalised recommendations to users, ultimately enhancing guest experiences. Additionally, the funding will support marketing efforts to expand the customer base and increase brand awareness.

One of Darent’s most notable achievements is the launch of the region’s first-of-its-kind insurance project in partnership with Al Tawuniya Insurance. This initiative reflects the company’s commitment to building trust among 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 experienced significant growth in its user base and an increase in property occupancy rates, surpassing 90% during peak seasons, making it a preferred choice for travellers seeking exceptional stay experiences.

Al Tawuniya Insurance, one of the largest insurance companies in Saudi Arabia, is dedicated to supporting innovation and economic growth within the Kingdom. Its investment in Darent reflects a vision to back startups offering innovative solutions that enhance quality of life and contribute to achieving Vision 2030 goals.

This investment also marks one of Morgan Stanley Inclusive Ventures Lab’s first investments in the Middle East and North Africa region. The Lab’s investment recognises the platform’s potential to transform the vacation rental market in the region and its growing traction with both guests and hosts.

On its part, BIM Ventures is the leading venture building studio specialising in building and investing in startups alongside founders, starting with idea validation and until market launch, while providing companies with the capital, expertise, and operational support they need to grow and prosper in the market.

Darent is committed to expanding its services to more cities within the Kingdom and across the MENA region, aligning with Vision 2030’s objectives to bolster the tourism sector. By providing cutting-edge solutions that cater to travellers’ needs, 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 gratitude for the support, stating, “We are deeply thankful to our partners for their immense trust. This funding round is a significant step towards achieving our vision of revolutionising the vacation rental sector by effectively enhancing the tourist experience and delivering pioneering solutions that elevate the quality of 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 funding round. We see enormous potential in this unique platform to drive innovation in the vacation rental field, which is a critical component of the Kingdom’s tourism sector. We look forward to supporting Darent’s efforts in creating a transformative impact on the local tourism scene in line with Vision 2030’s ambitions.”

Darent is an innovative Saudi platform specialising in vacation rentals, aiming to provide unique stay experiences to users through a wide range of housing options that cater to different tourist and resident demographics. The platform relies on advanced technologies to facilitate booking and payment processes, ensuring a distinguished and smooth user experience. Since its inception in 2021, Darent has been committed to developing its services and expanding its reach in alignment with the Kingdom’s Vision 2030.