Gathern Secures $72 Million Series B Funding, Eyes Tadawul IPO
Saudi Arabia’s Gathern, a pioneering peer-to-peer (P2P) vacation rental marketplace, has successfully closed a $72 million Series B funding round. This investment values the company at $266 million and marks a significant milestone as it prepares for an Initial Public Offering (IPO) on the Tadawul stock exchange. This achievement signals the growing maturity of the Saudi Arabian tech ecosystem and its potential for attracting significant investments, a trend increasingly relevant to the burgeoning tech landscape across Africa.
Investment and Strategic Growth Plans
The Series B round was spearheaded by Sanabil Investments, a subsidiary of the Public Investment Fund (PIF). Other prominent investors included STV, Pinnacle Capital, Nuwa Capital, and Endeavor Catalyst. Founded in 2017 by Latifa Altamimi, Gathern differentiates itself by offering users a diverse range of rental properties, including villas, apartments, and yachts, directly from the owners. Notably, Gathern is the first company in Saudi Arabia to be licensed by the Ministry of Tourism for P2P rentals, simplifying the process for property owners who can rent out their properties without needing individual licenses. The newly acquired capital will be strategically deployed to support the company’s IPO preparation, capitalize on the growth of inbound travel, expand its long-term rental offerings, and implement AI-driven technological upgrades.
The successful fundraising demonstrates investor confidence in Gathern’s business model and its potential for continued expansion, mirroring similar trends in the African tech sector where innovative startups are attracting increased international investment. The company’s previous Series A round, secured in 2021, yielded $6 million and was led by STV.
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