UAE-based hospitality platform Qstay raises $6.5 million in seed round

Qstay, a tech-driven startup redefining the hospitality industry with creative innovations to accommodate guests and travellers, has raised $6.5 million in its seed round funding, to improve its services and operations.

• The fund will be used to scale its stack of technology, advance its product offering, and expand its operations to five cities in Europe and the Middle East in the next 12 months.
• Founded in 2020, Qstay operates as a virtual hotel brand with 200 units in UAE and Europe and its app allows guests to access nearby pools, beaches, gyms, and spas.
• The startup's revenue has grown 100% quarter-to-quarter, with an expected increase of its portfolio to 600 units and $50 million in revenue by 2023, it claims.
• The funding came in a mixture of equity and debt.