UAE-Based Proptech Qstay Secures $4.6 Million in Pre-Series A Funding
Qstay’s hospitality and rental property management platform leverages AI to reduce operating costs by up to 50 percent.
Dubai-based property tech startup Qstay has secured $4.6 million in pre-Series A funding, injecting further capital into the hospitality and rental investment property management platform. Qstay has now raised a total of $11.1 million since its inception, from a combination of conventional and convertible debt.
Founded by Artur Khayrullin and Alec Redelman, Qstay leverages AI technology to enhance guest experience in the hospitality sector, providing customer service and a digital concierge whilst reducing operating costs by up to 50 percent.
“We are thrilled to have secured this additional funding, which will enable us to accelerate our growth and continue to innovate in the hospitality sector,” Artur Khayrullin, Co-Founder of Qstay, tells StartupScene.
Alec Redelman, Co-Founder of Qstay, added, “The support from our investors is a strong endorsement of our vision to redefine the guest experience and optimize returns for property owners. We are committed to expanding our footprint and enhancing our platform’s capabilities.”
Qstay currently manages a portfolio of more than 300 properties across four countries, facilitating more than 130,000 nights booked for at least 60,000 guests. The startup is projected to generate $63 million in revenue by 2025 with 18 percent EBITDA margins.
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