A two-year-old construction-tech startup, BRKZ, has secured an $8 million Series A round to expand in Saudi Arabia and the MENA region.
Ibrahim Manna, founder and CEO of BRKZ, disclosed the latest funding in a statement on Wednesday.
According to the statement, Aramco’s Wa’ed Ventures, Knollwood Investment Advisory, RZM Investment and MISY Ventures also participated in the round.
BRKZ, established in 2022, claims it has the goal of providing a solitary platform that links contractors and suppliers in the building sector.
The startup claims it wants to use cutting-edge tech to solve enduring inefficiencies in the traditional building procurement process, revolutionising it in the process.
The latest investment comes after a $5.55 million initial round led by Better Tomorrow Ventures and includes many Saudi angel investors, Class 5 Global, Knollwood Investment Advisory, plus VC.
“We’re looking to invest in several key areas to grow our platform. Our main focus for the upcoming year is to expand our in-house tech capabilities, double down on financing solutions, and ensure we have solid operations and supplier coverage in every city in KSA [Kingdom of Saudi Arabia],” said Manna.
Manna added that the firm does not allow customers to make direct online purchases; instead, users must create and distribute Requests for Quotation (RFQs) via its app or WhatsApp, which takes about 30 seconds to do.
Thus far, the company has enrolled about 350 providers on its platform; these suppliers collectively provide about 1,200 distinct products.
Following the new round of funding, the B2B marketplace wants to grow throughout Saudi Arabia and the Middle East and North Africa (MENA) to help manufacturers sell to contractors and contractors buy materials, with an emphasis on same- or next-day delivery.
The business also plans to go into the renting of equipment and the procurement of labour.