Riyadh, Saudi Arabia – Gathern, the Kingdom’s leading vacation rental platform, has raised SAR 270 million ($72 million) in a Series B funding round led by Sanabil Investments, a wholly owned subsidiary of the Public Investment Fund (PIF). The round also saw participation from STV, Pinnacle Capital, Nuwa Capital, Endeavor Catalyst, and several strategic investors.
The raise values the Riyadh-based startup at more than SAR 1 billion ($266 million), making it the highest-valued venture-backed startup in the Middle East founded and led by a woman. The company said the fresh capital will pave the way for a potential IPO on the Saudi stock exchange (Tadawul), though no specific timeline has been disclosed.
Founded in 2016 by Latifah Altamimi and later joined by co-founder Eman Alsuwailem, Gathern started as a chalet booking platform before expanding into the Kingdom’s largest peer-to-peer rental marketplace. Today, the platform offers over 72,000 private hospitality units operated by local hosts across Saudi Arabia, representing nearly 15% of the country’s total hotel and non-hotel supply. Guests can book short-term stays ranging from traditional homes and heritage sites to desert experiences, as well as monthly rentals in Riyadh.
Gathern claims a 44% market share in the Kingdom’s alternative hospitality sector, rising to 53% in Riyadh. Since inception, it has contributed more than SAR 2 billion ($533 million) to the local economy, benefiting over 33,000 Saudi hosts. The company also reports over 5 million registered users from 150 nationalities and a growth rate of more than 500% in the past two years.
“This funding round marks a pivotal milestone in Gathern’s journey, reinforcing our readiness to enter a new phase of expansion and corporate transparency in preparation for our stock exchange listing,” the company said in a statement.
The newly raised funds will be used to accelerate local and regional expansion, attract more international visitors, and scale solutions for long-term stays. The investment will also support the development of AI-powered user experiences, technology infrastructure, and the expansion of Gathern’s host network—aligning with Saudi Arabia’s Vision 2030 agenda to position the Kingdom as a global tourism hub.
Gathern had previously raised $6 million in a Series A round led by STV in 2021 and an undisclosed pre-Series B in 2022, backed by Shurafa Real Estate Development, Al Majdia Residence, Al Ajlan Riviera, Al Safa Real Estate Development, and STV.
