Riyadh-based Gathern Raises $72 million Series B Funding Ahead of IPO

• Gathern raised $72 million in a Series B round led by Sanabil Investments, valuing it at over $266 million.
• Founded by Latifah Altamimi, Gathern is Saudi Arabia’s largest alternative hospitality platform, with 72,000+ listings and 44% market share.
• Funding will drive expansion, AI-driven user experience improvements, and IPO preparations on Tadawul
• This investment aligns with Saudi Arabia’s Vision 2030 goals to diversify tourism and grow alternative accommodations.

Riyadh, Saudi Arabia’s premier vacation rental platform, Gathern, has successfully closed a $72 million (SAR 270 million) 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, and Endeavor Catalyst. This new infusion of capital values Gathern at over $266 million (SAR 1 billion), establishing it as the highest-valued venture-backed startup in the Middle East founded and led by a woman, Latifah Altamimi, the company’s founder and CEO.

Founded in 2016 initially as a chalet booking platform, Gathern has grown into the largest alternative hospitality marketplace in Saudi Arabia. The platform currently lists more than 72,000 private units managed by over 33,000 local hosts. These listings cover a wide range of accommodations including villas, apartments, and resorts, catering to both short-term and monthly rentals. Gathern captures approximately 44% of the alternative hospitality market nationally and holds dominant market share of 53% in Riyadh alone. Since its inception, the platform has paid out over $533 million to its hosts, empowering many Saudis with steady monthly income from property rentals. Gathern now serves more than 5 million registered users, hosting guests from over 150 nationalities.

The recent funding will be directed at scaling operations within the Kingdom and the wider region, driving growth by onboarding more hosts and attracting inbound travelers. A key focus area for investment includes enhancing the platform’s digital infrastructure with advanced AI-powered features aimed at improving user experience. Additionally, Gathern plans to use this capital to prepare for an Initial Public Offering (IPO) on Tadawul, Saudi Arabia’s stock exchange.

This funding milestone comes amid Saudi Arabia’s accelerating investment into tourism and hospitality sectors under the Vision 2030 economic diversification plan. Vision 2030 aims to transform the Kingdom into a leading global tourist destination by expanding access to cultural, natural, and leisure attractions while supporting varied accommodation models beyond traditional hotels. Saudi Arabia has seen remarkable growth in tourism, with strategic projects including the Red Sea Project and NEOM, and initiatives such as the expanded e-visa program fueling visitor numbers. In this environment, alternative accommodation platforms like Gathern are vital to meeting the growing demand for flexible and diverse lodging options that complement the Kingdom’s burgeoning tourism landscape.

Latifah Altamimi, CEO and founder of Gathern, also a member of the GCC Board of Directors Institute (GCC BDI), has been recognized for her pioneering role in the Saudi tech ecosystem. Under her leadership, Gathern has expanded to over 200 cities within Saudi Arabia and has become a key player driving the rapid growth of the country’s alternative hospitality sector.

By leveraging this new capital injection, Gathern is well-positioned to capitalize on the Kingdom’s ambitious tourism goals, creating economic opportunities for local hosts and contributing significantly to the development of Saudi Arabia’s hospitality industry through innovative technology and expanded service offerings.

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