backA cross-office team from King & Spalding recently advised Sanabil Investments - a wholly owned company of the Public Investment Fund (PIF) - on the successful closing of its SAR 270 million Series B funding round for Gathern, Saudi Arabia’s leading peer-to-peer vacation rental platform.
The deal was executed at a valuation exceeding SAR 1 billion and will support Gathern’s strategic plans for an initial public offering (IPO) on the Saudi Stock Exchange (Tadawul) and fuel its expansion across Saudi Arabia and the wider region. Gathern is the first company in Saudi Arabia to be licensed by the Ministry of Tourism for P2P rentals, which means property owners do not need to get an individual license to rent out their properties.
Gathern’s ongoing expansion seeks to align the business with the strategic objectives of Saudi Arabia’s Vision 2030, which aims to establish the Kingdom as a leading global destination for tourism and hospitality. The investment round also included participation by Saudi Technology Ventures (STV), Pinnacle Capital, Nuwa Capital, and Endeavor Catalyst.
The King & Spalding team advising Sanabil Investments was led by partners James Stull and Macky O'Sullivan with the key support from partner Haifa Bahaian, senior associate Saud Aldawsari and associate Husni Al Far. More information here.