Darent Secures Seed Funding Round Led by Al Tawuniya Insurance

Saudi Arabia-based proptech company Darent has successfully closed an undisclosed Seed funding round, spearheaded by Al Tawuniya Insurance. Other participants in the round include the Morgan Stanley Inclusive Ventures Lab and BIM Ventures. Darent, founded in 2021 by Hanin Al-Subaie, offers a property management platform that allows rental property owners to list their units and connect with potential tenants.

The funds from this round will be used to enhance Darent’s AI capabilities and strengthen its marketing efforts. The platform plans to leverage artificial intelligence to analyze market trends and provide personalized recommendations, improving the overall guest experience. Additionally, the investment will support its growth initiatives, helping expand its customer base and increase brand visibility.

In 2022, Darent raised $1 million in a pre-Seed round led by Watheeq Proptech Venture, with participation from other investors. This latest round represents a significant step forward for the company as it continues to scale its operations.

Saudi Arabia’s tourism industry is rapidly expanding, with a goal of welcoming 150 million visitors annually by 2030. The sector’s contribution to the national GDP is expected to rise from 3% to 10%. In the first half of 2024, over 60 million tourists visited the Kingdom, with a growing demand for high-quality accommodations. Darent is positioned to play a pivotal role in this growth, offering innovative solutions that address the increasing need for unique and comfortable vacation rental options.

One of Darent’s key achievements is the launch of the region’s first insurance project for vacation rentals, in partnership with Al Tawuniya Insurance. This initiative aims to build trust between hosts and guests, further solidifying Darent’s position in the market. Since its inception, the platform has experienced rapid growth, achieving occupancy rates of over 90% during peak seasons.

Al Tawuniya Insurance, one of Saudi Arabia’s largest insurance firms, sees this investment as a way to support startups that drive innovation and contribute to the Kingdom’s Vision 2030 goals. Its backing of Darent highlights the company’s potential to enhance the quality of life and elevate the tourism sector.

This round also marks one of the first investments in the Middle East and North Africa (MENA) region by Morgan Stanley Inclusive Ventures Lab. Their support underscores Darent’s potential to revolutionize the vacation rental market, attracting growing interest from both hosts and guests.

BIM Ventures, a leading venture building studio, is also a key investor, providing operational support and expertise to help startups like Darent thrive. Their investment will aid Darent in expanding its services to additional cities within Saudi Arabia and the broader MENA region, further aligning with Vision 2030’s objectives to bolster tourism and innovation.

Dr. Hanin Alsubaie, founder and CEO of Darent, expressed gratitude for the backing from investors, emphasizing the company’s mission to revolutionize the vacation rental industry and enhance the quality of tourism services in the Kingdom.

Fahad Bin Maamer, Chief Investment Officer at Al Tawuniya Insurance, also shared his optimism about Darent’s future, stating, “We believe in Darent’s potential to drive innovation in the tourism sector and are excited to support its growth in line with Vision 2030.”

Darent continues to innovate in the vacation rental space, offering a seamless booking experience through advanced technologies. As it expands its services, Darent remains committed to contributing to Saudi Arabia’s ambitious tourism goals by offering top-tier accommodations and enriching visitor experiences.