Dubai-based hospitality platform Qstay has successfully raised $4.6 million in a pre-Series A funding round. This latest funding, a mix of traditional and convertible debt, brings Qstay’s total raised capital to $11.1 million.
Founded in 2020 by Artur Khayrullin, Ekaterina Rogozhina, Alec Fesenko, and Natalya Fesenko, Qstay operates as a virtual hotel brand with 200 units. The platform also offers app-based access to amenities like pools, beaches, gyms, and spas at beachfront properties.
The new funds will help Qstay speed up its growth and continue to innovate in the hospitality sector. In July 2022, the company had previously raised $6.5 million through a combination of debt and equity in its Seed round.
Artur Khayrullin, Co-founder of Qstay, expressed enthusiasm about the new funding: “We’re excited about this additional investment, which will drive our growth and innovation. It reflects the strong market demand for our tech-driven, design-focused hotel experience and the economic benefits we provide to property owners.”
Co-founder Alec Redelman added, “This investment confirms our vision to transform the guest experience and maximize returns for property owners. We’re committed to expanding our reach and enhancing our platform’s features.”
Currently, Qstay manages over 300 properties across nine markets in four countries. With plans to expand further between 2024 and 2026, the platform has already booked more than 130,000 nights and hosted over 60,000 guests.
Qstay’s platform not only offers exceptional comfort and value for guests but also provides property owners with effortless management and increased returns. With projected revenues of $63 million by 2025 and an 18% EBITDA margin, Qstay is poised for continued success and growth.
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