Riyadh - Sharikat Mubasher: Saudi Arabia’s Wa'ed Ventures fund, the venture capital arm of Aramco, co-led a series B funding round worth $52 million, along with BOLD Capital, for the US-based leading construction technology company, Mighty Buildings, the later announced in a statement.
The proceeds will be allocated for manufacturing operations in Saudi Arabia and UAE, in addition to accelerating the development and increasing the production of new homes for the US market.
Around 20 investors participated in the round, including the existing investor Khosla Ventures and KB-Badgers, the South Korean sustainability-focused fund.
According to the statement, new investors contributed more than half of the funds raised.
The Managing Director at Wa’ed Ventures, Fahad Alidi, said: “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.”
Rene Griemens, the CFO at Mighty Buildings, said that the recent funding highlights the company’s leadership in the modular homebuilding market. He added: “It will accelerate our growth by funding the international expansion to one of the most exciting homebuilding regions in the world.”
The new round increased the total funding raised since Mighty Buildings’ inception to $153 million.
Mighty Buildings, headquartered in California, is a leader in 3D printing construction technology known for its prefabricated, environmentally friendly and climate-resilient homes.