Darent Secures Seed Funding Led by Al Tawuniya Insurance
The financial details of the round were not disclosed.
Saudi Arabia-based proptech startup Darent has closed a seed funding round led by Al Tawuniya Insurance, with participation from the Morgan Stanley Inclusive Ventures Lab and BIM Ventures. The financial details of the round were not disclosed.[1]
Founded in 2021 by Hanin Al-Subaie, Darent offers a platform that connects rental property owners with tenants, supporting Saudi Arabia's tourism and hospitality sectors. The company helps address the kingdom's expanding tourism market, which welcomed over 60 million visitors in the first half (H1) of 2024. Saudi Arabia aims to attract 150 million tourists annually by 2030, with the tourism sector's contribution to GDP expected to rise from 3% to 10%.
Darent plans to use part of the funding to improve its technology, particularly in artificial intelligence (AI), to analyze market data and offer personalized recommendations to users. The funds will also support marketing efforts to expand the customer base.
A key development for Darent is its recent launch of an insurance project in partnership with Al Tawuniya Insurance, aimed at building trust between hosts and guests. Since its launch, the platform has seen growth, with property occupancy rates over 90% during peak seasons.
Al Tawuniya Insurance’s investment in Darent is part of its broader effort to support startups that align with Saudi Arabia’s Vision 2030 goals of promoting economic growth and improving quality of life. Morgan Stanley Inclusive Ventures Lab’s participation marks one of its first investments in the MENA region.
BIM Ventures, a venture-building studio, also contributed to the round, continuing its role in providing startups with capital and support.
