Helping to connect construction businesses with suppliers of building materials, a pioneering B2B construction tech startup BRKZ that specializes in materials procurement for construction projects is today announced a $8 million investment to empower contractors to reach their full potential.
It is worth noting that the total value of the various infrastructure, transport, and building projects across the MENA region is approximately $2.5T.
The funding round was co-led by 9900 and BECO Capital, with participation from Aramco’s Wa’ed Ventures, Knollwood Investment Advisory, RZM Investment, and MISY Ventures. With this series A funding round, BRKZ has now raised $13.55m in total.
BRKZ’s seed round ($5.55m) was led by Better Tomorrow Ventures, with participation from Class 5 Global, Knollwood Investment Advisory, Plus VC, and several other strategic Saudi angel investors.
BRKZ was launched in 2022 and founded 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 revolutionize the MENA construction industry.
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. And importantly, a quick and easy Request for Quotes via WhatsApp or website. Suppliers engage with BRKZ to benefit from access to a wide customer base. The simplified portal for suppliers enables them to customize prices by size, location, and delivery options. To date, BRKZ has facilitated over $170m quotations across nearly 1,200 products from more than 350 suppliers.
Speaking of the development, Ibrahim Manna, Founder of BRKZ, in a statement said,
“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. 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.”
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.
“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.” said Dany Farha from BECO Capital
“At 9900, 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 Ibrahim and the BRKZ team towards driving positive change for this important economic sector within the MENA region” said Chris Corbishley, Managing Partner at 9900.
Source: Laffaz
