Saudi Gathern Raises $72M for Tadawul IPO

MENA Signal • January 31, 2026

Gathern raised $72 million in a Series B round led by Sanabil Investments. The Public Investment Fund subsidiary was joined by STV, Pinnacle Capital, Nuwa Capital, and Endeavor Catalyst. This values the Saudi vacation rental platform at over $266 million. It is now the region’s highest-valued venture-backed startup founded and led by a woman, Latifah Altamimi. The company will use the funds to prepare for a listing on the Tadawul stock exchange. The platform has grown 500% in two years and hosts users from 150 nationalities across 72,000 properties.

Why MENA Founders Should Care

This round sets a high bar for Series B capital in the region. A valuation over $266 million proves that profitable, asset-light models can attract massive sovereign checks. Founders need deep unit economics and clear market dominance to compete at this level. Gathern holds a 44% market share in the alternative hospitality sector and serves 5 million users. Key investors like STV and Nuwa doubled down, showing they value execution over hype. Investors are not betting on potential anymore; they are paying for realized market share and readiness for public markets. You need hard metrics to play this game.

The alternative hospitality market in Saudi will consolidate quickly. With PIF backing, Gathern has the war chest to acquire smaller players or squeeze them out. Competitors without deep pockets or unique tech will struggle to survive the coming pressure. The platform controls 53% of the market in Riyadh and represents 15% of the total national supply. It has paid out over $533 million to local hosts, creating a powerful network effect that rivals can’t easily break. This dominance forces rivals to either sell fast or specialize in niches Gathern ignores. The market for generalist rentals is closed.

Sovereign funds are aggressively hunting for Vision 2030 winners that enable tourism. This deal signals a massive appetite for tech that supports the kingdom’s goal of becoming a global hub. Founders building infrastructure for inbound travelers or long-term stays will find open doors. Gathern specifically plans to invest in AI-powered tech infrastructure to handle this growth. The focus on AI for user experience highlights where smart money is flowing. If your startup helps the kingdom hit its visitor targets or modernize legacy rental systems, you are in a prime position to raise. The capital floodgates are open for enablers.

The Context

Gathern started in 2016 as a simple chalet booking platform. It raised a $6 million Series A led by STV in 2021, followed by an undisclosed pre-Series B in 2022. This rapid progression shows how fast Saudi startups can scale with local support. Sanabil’s involvement is a critical signal. The PIF arm usually backs late-stage giants ready for public markets, not early experiments. Their presence confirms Gathern has graduated from a startup to essential national infrastructure. The platform has injected over $533 million into the local economy, benefiting 33,000 Saudi hosts.

What's Next

Watch for Gathern to acquire regional competitors in Egypt or the UAE immediately. Expect the IPO filing to hit Tadawul within 18 months.