"We Got Funded!" Saudi Arabia-Based Brkz Secures US$8 Million In A Series A Funding Round BRKZ is on a mission to build a tech-enabled ecosystem to revolutionize the MENA construction industry.
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Brkz, a Saudi Arabia-based B2B construction tech startup, has raised US$8 million in a Series A round that will be used for deepening its proprietary capabilities to get closer to becoming a one-stop-shop for the MENA region's construction industry. The startup also aims to expand its footprint across Saudi Arabia and the MENA region.
The funding round was co-led by London-based multi-stage fund 9900 and Dubai-based early-stage VC firm BECO Capital, with participation from Aramco's Wa'ed Ventures, Baltimore-headquartred global investment firm Knollwood Investment Advisory, Riyadh-based holding group RZM Investment, and Swedish venture capital firm MISY Ventures.
"The investment underscores Brkz's commitment to digitizing buying and selling building materials, promoting transparency, and fostering efficient contractor financing," said Ibrahim Manna, founder of Brkz. "It comes at a pivotal moment for Brkz, enabling us to grow further within the $100 billion 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."
The Brkz marketplace and app. Image courtesy Brkz.
Dany Farha, CEO of BECO Capital, said, "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."
Chris Corbishley, Managing Partner at 9900, added, "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 carbon dioxide each year, which accounts for about 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."
With this Series A funding round, Brkz has raised a total of $13.55 million in investment so far, as it previously raised a seed round of $5.55 million by Better Tomorrow Ventures, with participation from Class 5 Global, Knollwood Investment Advisory, Plus VC, and several other strategic Saudi angel investors
Founded in 2022, Brkz addresses critical challenges in the construction industry, such as fragmented supply chains, operational inefficiencies, and lack of access to finances.
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. Plus, it ensures a quick and easy request for quotes via WhatsApp or website.
The simplified Brkz enables suppliers to customize prices by size, location, and delivery options. They also benefit from Brkz's wide customer base.
To date, Brkz has facilitated over $170 million quotations across nearly 1,200 products from more than 350 suppliers.
