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.
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.”
