Saudi Arabian vacation rental platform Gathern has raised $72 million in Series B funding. The company said the latest round brings its valuation to approximately $266 million and moves it closer to its goal of listing on the Saudi Exchange.

Funding was led by Sanabil Investments, a wholly owned subsidiary of Public Investment Fund, with participation from Endeavor, Pinnacle, Nuwa Capital and STV.

Founded in 2017 and based in Riyadh, Gathern said the funding will allow it to expand locally and regionally as well as assist with attracting more inbound visitors, increasing long-term stay options and introducing artificial intelligence solutions.

“The closing of this investment round represents a pivotal milestone in our journey and enhances our readiness for a new phase of expansion and institutional transparency in preparation for listing on the Saudi Stock Exchange,” the company said, adding that it is also aligned with the goals of Saudi Vision 2030 to establish Saudi Arabia as a “global tourism and hospitality hub.”

Gathern touted several achievements since founding, including reaching over 5 million users and holding a 44% market share in the alternative hospitality sector across Saudi Arabia. The platform currently offers over 72,000 private homes such as villas, apartments, farms, chalets, resorts and camps managed by local hosts.

“Since its inception, Gathern has played a pivotal role in building and shaping the alternative hospitality sector in Saudi Arabia, offering unique travel experiences that bring guests closer to the Kingdom’s culture while enabling thousands of local hosts to unlock the potential of their properties and generate sustainable income,” the company wrote on LinkedIn.