Darent Closes Seed Investment Round Led by Tawuniya Insurance, with Participation from Morgan Stanley and BIM Ventures
Darent, a platform specializing in vacation home rentals in Saudi Arabia, announced the closing of a Seed investment round without disclosing its value. The round was led by Tawuniya Insurance, with first-time participation from Morgan Stanley and BIM Ventures.
Darent Plans to Develop Technologies and Enhance AI Capabilities
Founded in 2021, Darent aims to utilize this investment to develop its technological platform, with a focus on artificial intelligence (AI) technologies for market data analysis and providing personalized recommendations to users. The goal is to improve the guest experience by analyzing their behavior and offering tailored services, while also supporting marketing efforts to expand the customer base.
Darent’s Role in Boosting Saudi Arabia’s Tourism Sector
This investment round aligns with Saudi Arabia’s ambitious plans to bolster its tourism sector under Vision 2030, aiming to welcome 150 million tourists annually by that year. In the first half of 2024, Saudi Arabia received over 60 million tourists, with the number of serviced hotel rooms increasing to 392,270, reflecting the rapid growth of the sector.
Significant Growth and Innovation in the Vacation Home Rental Sector
Since its inception, Darent has experienced significant growth in the number of users, with a property occupancy rate surpassing 90% during peak tourism seasons. Additionally, the platform launched a property insurance project in collaboration with Tawuniya Insurance, marking the first of its kind in the region. This initiative has further strengthened Darent’s position as a leading innovator in the vacation home rental market.
Statements from Darent and Tawuniya Insurance Leadership
Hanine Al-Subaie, founder and CEO of Darent, expressed her gratitude to the company’s partners for their confidence in the platform, emphasizing that this investment round represents an important step toward realizing Darent’s vision of enhancing the tourist experience and providing innovative solutions that contribute to the quality of Saudi Arabia’s tourism sector.
Fahd bin Muammar, Chief Investment Officer at Tawuniya Insurance, said, “We are proud to lead this round for Darent, which we believe has tremendous potential to drive innovation in the vacation home rental sector, a key component of Vision 2030. We are committed to supporting Darent in creating a transformative impact on the local tourism landscape.”
Future Plans and Regional Expansion
Darent aims to expand its services to more cities within Saudi Arabia, with plans to extend its reach into the Middle East and North Africa region in line with Vision 2030’s goals of enhancing and developing the tourism sector.
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