Saudi Arabia’s leading vacation rental platform Gathern has secured $72 million in a Series B funding round led by Sanabil Investments, a wholly owned subsidiary of the Public Investment Fund. The round also saw participation from STV, Pinnacle Capital, Nuwa Capital, and Endeavor Catalyst. Following the investment, the company’s valuation has surpassed $266 million.
This milestone positions Gathern as the highest-valued venture-backed startup in the Middle East founded and led by a woman. The company announced that the fresh funding will support its upcoming IPO on Tadawul, although no specific timeline has been disclosed.
From startup to market leader
Founded in 2016 by Latifah Altamimi as a chalet-booking platform, Gathern has since grown into the Kingdom’s leading alternative hospitality service. Today, it enables both short-term vacation rentals and, in some cities, monthly leasing options.
Currently, Gathern:
- Lists more than 72,000 properties across the Kingdom;
- Holds a 44% market share in Saudi Arabia’s alternative hospitality market and 53% share in Riyadh;
- Has contributed over $533 million to the local economy since launch;
- Supports more than 33,000 Saudi hosts, many of whom generate significant monthly income;
- Serves over 5 million registered users from 150 nationalities.
Where will the capital go?
According to the company, the new funding will be used to:
- Expand operations across Saudi Arabia and the wider region;
- Attract inbound travelers and serve long-term rental demand;
- Align with Vision 2030 by helping Saudi Arabia position itself as a global tourism hub;
- Enhance user experience through AI-driven technologies;
- Grow its host network and expand supply.
Previous rounds
Gathern had earlier raised $6 million in Series A led by STV in 2021, followed by an undisclosed pre-Series B round in 2022.
Why it matters
Gathern’s rapid growth highlights both the rise of female-founded startups in the region and the accelerating shift toward alternative hospitality models in Saudi Arabia. With IPO ambitions on the horizon, the company is set to play a pivotal role in reshaping the Kingdom’s tourism and digital economy.
