Pinnacle Capital lifts stake in Riyadh lodging platform Gathern
The Saudi investment firm added to its holding through a growth and secondary fund, with the size of the transaction left undisclosed.
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Pinnacle Capital has increased its ownership of Gathern, the Riyadh-based alternative accommodation platform, through the Pinnacle Growth & Secondary Fund. Neither the amount of the additional investment nor Pinnacle's resulting stake in the company was disclosed.
The firm described the deal as part of a strategy of pursuing secondary investment opportunities in technology companies across the region.
What Gathern does
Gathern was founded in 2016 by Latifah Altamimi and Faisal Alanazi. It runs a digital marketplace that connects travellers with locally hosted properties in Saudi Arabia, covering apartments, villas, chalets, farms and camps.
Where Pinnacle first bought in
Pinnacle first backed the company in its Series B, which closed in August 2025. That round raised SAR270 million ($72 million) and valued Gathern at more than SAR1 billion, or more than $267 million.
Sanabil Investments, wholly owned by the Public Investment Fund, led the round. Endeavor Catalyst, Pinnacle, Nuwa Capital and STV also participated. Gathern said the proceeds would support expansion inside Saudi Arabia and across the region, its technology infrastructure and the growth of its host network.
The numbers behind the raise
At the time of the Series B, Gathern said it had passed 5 million registered users, drawn from 150 nationalities, and listed more than 72,000 accommodation units. It said it had paid local hosts more than SAR2 billion. The company put its share of the kingdom's alternative accommodation market at 44%, and its share of the Riyadh market at 53%.
Why Pinnacle added
Pinnacle said the decision to commit more capital rested on Gathern's operational performance, its expanding market presence and its path toward a potential public listing. Gathern has outlined plans to list on the Saudi Exchange. In September 2025, chief executive Latifah Altamimi said the company was targeting an IPO in 2028. Gathern has also flagged plans to expand into adjacent travel services.
The secondary angle
A secondary purchase lets an investor raise its holding without the company issuing new shares, so the money does not reach Gathern's balance sheet. Pinnacle is betting instead that the valuation set at the Series B holds through to a listing. That leaves the firm carrying more of a single wager on a platform whose host supply is concentrated in one country, alongside an expansion into travel services that has yet to be built out.
Any listing would arrive in a market where Gathern has claimed 44% of alternative accommodation bookings nationally and 53% in Riyadh.
