Saudi firms dominate venture investment activity

Saudi firms dominate venture investment activity

CAIRO: Saudi firms have taken the venture ecosystem by storm with startup activity dominating activity in recent weeks.

Saudi Aramco’s $500 million venture capital subsidiary Wa’ed Venture made global headlines as it co-led a $52 million series B funding round in US-based construction technology startup Mighty Buildings.  

Founded in 2017, Mighty Buildings is recognized for its work in 3D printing technology to create prefabricated homes that are both environmentally friendly and climate resilient.  

The series B proceeds are earmarked for the expansion of Mighty Buildings’ factory footprint in North America.  

Additionally, the company aims to extend its operations to new markets, specifically targeting Saudi Arabia and the UAE.

“This recent funding underlines Mighty Buildings’ leadership in the modular homebuilding market. It will accelerate our growth by funding the international expansion to one of the most exciting homebuilding regions in the world,” said the firm’s Chief Financial Officer Rene Griemens.  

“We are thrilled about the support from such esteemed investors for our mission: solving the housing and climate crises by transforming the way the world builds homes,” Griemens added.

The investment aligns with Wa’ed Venture’s focus on nurturing technology innovations and adds another layer to Saudi Arabia’s growing interest in sustainable and advanced construction solutions. 

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