Saudi Airbnb Rival Eyes 2028 IPO After $72M Fundraise

9/29/2025

Saudi vacation rental company Gathern, claiming 44% of the local market with over 72,000 properties and five million users, plans an IPO in 2028 after raising $72 million in Series B funding. CEO Latifah Altamimi said the capital, backed by Sanabil Investments and Saudi Technology Ventures, will fund international expansion starting with Kuwait and Bahrain and diversify services into car rentals, flights, and curated experiences. Founded in 2016, Gathern began turning a profit in 2023 and saw 100% revenue growth last year. The IPO aligns with Saudi Arabia’s goal to boost tourism’s GDP contribution to 10% by 2030.

Bloomberg (09/23/25) Yassmin Jabri

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