Daily housing and property management platform, Darent, announced it has successfully closed a $1 million (pre-seed) investment round led by Watheeq Proptech Venture in cooperation with other investors.
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Founded in 2021 by Dr. Hanin Al-Subaie, Darent is a technology start-up in the tourism and hospitality sector. It provides a daily local living experience and real estate property management on behalf of the owners, and enables residents to list their properties on the platform for daily rental.
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Darent's vision aims to link local and foreign tourists with local residents providing daily rental options, and strives to be the destination and guide for backpackers and travelers who are looking for a journey through which they will live and experience the daily lives of the locals.
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In a short period, Darent was able to attract hundreds of local and international travelers who booked more than a thousand reservations across different cities in the Kingdom. On top of that, the team has been able to list more than a thousand real estate units.
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The Kingdom of Saudi Arabia expects to receive 100 million tourists annually by 2030. In 2021, the city of Riyadh hosted more than 11 million visitors. By 2030, the Saudi tourism sector is expected to provide one million jobs and attract more than $ 30 billion to be spent inside the Kingdom.
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Dr. Hanin Al-Subaie, founder and CEO of Darent, expressed her happiness with the deal, and stated that Darent will be using the funds of the current round to support its expansion and growth locally and regionally, and will further develop its technology ecosystem by providing more comprehensive solutions for tourists and traveler.
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Dr. Hanin explained that by serving one of the important mandates of the Kingdome Vision 2030 and the government's direct support for the tourism sector, Darent “seeks to contribute effectively to this sector by providing a unique travel experience for tourists which maintains the customs and traditions of the local community.” She added that, “as we are striving to provide a variety of residential spaces that meet the needs and requirements of various tourist groups on one hand, we are keen on creating a safe investment opportunity for our hosts, on the other hand, along with the guidance needed to market their units in the best way possible to achieve excellent additional income at fair rates”.
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Mr. Khaled Zidan, managing partner of Watheeq Proptech Venture, said: "the tourism sector has always been a critical pillar of the Kingdome Vision2030, and we are pleased to lead the current round and invest in Darent. We are proud that the first investment opportunity for our fund was founded and managed by a Saudi female entrepreneur. The growth achieved by the company in a short period is evidence of the strength of the team and the comprehensive knowledge of the sector, which will enable the company to expand regionally and compete in global markets".