Riyadh – Mubasher: US-based construction technology startup Mighty Buildings has raised $52 million in a Series B funding round, according to a press release.
The round was co-led by Wa’ed Ventures, a $500 million venture capital (VC) backed by Saudi Arabian Oil Company (Aramco), and by BOLD Capital Partners, a US disruption and transformation-focused venture firm.
Mighty Buildings will utilise the funding to accelerate the development and scale production of new homes for the US market and establish manufacturing operations in Saudi Arabia and the UAE.
This aligns with the company’s strategy to transform housing construction in the Gulf region and worldwide while addressing sustainability, climate resilience, and the global housing shortage.
A total of almost 20 investors in the round, including Khosla Ventures and new investor KB-Badgers, a South Korean firm investing from its sustainability-focused fund.
Fahad Alidi, Managing Director of Wa’ed Ventures, commented: “Our investment in the company reflects our belief that innovative materials, such as those used in Mighty Buildings’ proprietary 3D-printing, will be a major driver for scalability and sustainability of homebuilding in the Gulf region.”
The CFO of Mighty Buildings, Rene Griemens, said: “It [the fundraising] will accelerate our growth by funding the international expansion to one of the most exciting homebuilding regions in the world.”
