BRKZ, a pioneering B2B construction tech startup, has announced that it has secured $8 million in new Series A funding that will help the company to establish itself as a one-stop shop for the construction sector and expand the footprint across Saudi Arabia and the Mena region.

 

A specialist in materials procurement for construction projects, BRKZ said the funding round was co-led by 9900 - a multi-stage fund based in London, with offices in New York and a growing presence in Mena region - and UAE-based Beco Capital - with participation from Aramco’s Wa’ed Ventures, Knollwood Investment Advisory, RZM Investment and MISY Ventures. 

 

Its seed round ($5.55 million) was led by Better Tomorrow Ventures, with participation from Class 5 Global, Knollwood Investment Advisory, Plus VC, and several other strategic Saudi angel investors.

 

With this series A funding round, BRKZ has now raised $13.55 million in total. This will play a vital role in empowering contractors to reach their full potential, it added. 

 

According to industry experts, the total value of the various infrastructure, transport, and building projects across the Mena region sttands ata whopping $2.5 trillion. 

 

BRKZ was founded in 2022 by Ibrahim Manna, a three-time logistics founder and former Careem executive, to address critical challenges in the construction industry such as fragmented supply chains, operational inefficiencies, and lack of access to finances. 

 

The company aims to leverage technology to ensure equitable access to the best market prices for all contractors and is on a mission to build a tech-enabled ecosystem to revolutionise the Mena construction industry, it added.

 

"The investment underscores BRKZ's commitment to digitizing buying and selling building materials, promoting transparency, and fostering efficient contractor financing. It comes at a pivotal moment for BRKZ, enabling us to grow further within the $100billion construction market here in KSA," remarked Manna. 

 

"We're set to drive significant change, through tech, across every single touchpoint relevant to how building materials are sourced and supplied in a sector crucial to our economic landscape," he added.

 

With this new funding, BRKZ is set to deepen its proprietary capabilities, getting closer to being a one-stop-shop for the construction industry, and expand its footprint across Saudi Arabia and beyond. 

 

Thus, contributing to the growth and efficiency of the construction sector in the Kingdom of Saudi Arabia and the Mena region.

 

"For buyers of building materials, BRKZ offers access to the best prices across a wide pool of suppliers and materials along with multiple delivery and payment options. To date, it has facilitated over $170 million quotations across nearly 1,200 products from more than 350 suppliers," observed Manna. 

 

Dany Farha from Beco Capital pointed out that the Mena construction market is full of substantial opportunities both for investors and contractors. 

 

"BRKZ is well placed and capitalized to be the catalyst to boost development. The investment aligns with Saudi Arabia's Vision 2030, attracting foreign investors and founders to a flourishing construction sector. BRKZ's strategic initiatives are aligned perfectly with our investment philosophy at Beco Capital. We're excited to be part of their journey," he noted.

 

Chris Corbishley, the Managing Partner at 9900, said: "We focus on ‘big problems’, identifying extraordinary founders solving for externalities across a range of sectors, globally. Nowhere is this more evident than in the construction sector - an industry marred by inefficiencies resulting in an estimated $1.6 trillion in annual losses to economic actors, as well as 5.7 billion metric tonnes of CO2 each year, which accounts for ~26% of global emissions."

 

"With their best-in-class procurement platform delivered through the power of technology, we’re excited to be backing Manna and the BRKZ team towards driving positive change for this important economic sector within the Mena region," he added.-TradeArabia News Service