Mighty Buildings Receives $52m in Funding from Saudi Aramco's Wa'ed Ventures

By Staff Writer, 14 September 2023


Mighty Buildings, a 3D-printing construction technology company, has secured $52 million in funding, with leading investments from Saudi Aramco's venture capital arm, Wa'ed Ventures, and US-focused firm BOLD Capital Partners.

The funding round included participation from existing investor Khosla Ventures and new investor KB-Badgers, a South Korean firm with a sustainability-focused fund.

This funding injection is designated to accelerate the development and expansion of new homes in the US market to meet growing demand. Additionally, it will support the establishment of manufacturing facilities in Saudi Arabia and the UAE, two of the world's largest and fastest-growing construction markets.

Mighty Buildings, based in Oakland, California, is expanding its operations to the Gulf region in line with its global strategy for revolutionizing housing construction.

The company employs 3D-printing construction technology to produce prefabricated, eco-friendly, and climate-resilient homes using its patented Lumus material, known for being five times stronger than concrete.

This move aims to address sustainability, climate resilience, and the worldwide housing shortage.

Rene Griemens, the Chief Financial Officer of Mighty Buildings, expressed that the recent funding secured will facilitate their international expansion into one of the most promising homebuilding markets globally.

Wa'ed Ventures, a $500 million venture capital firm established in 2013, plays a pivotal role in Saudi Arabia's economic diversification efforts by investing in high-growth tech start-ups across various sectors.

Managing a portfolio of over 60 start-ups, the firm recently led a 100 million Saudi riyals ($26.6 million) Series A funding round for Riyadh-based tech start-up Rewaa.

Additionally, in July, Wa'ed Ventures invested in Tenderd, a start-up specializing in artificial intelligence technology.

These investments align with Saudi Arabia's aggressive push to develop its technology ecosystem as part of its Vision 2030 economic program, aimed at reducing dependence on oil.

Recent initiatives, including a $200 million fund launched by Crown Prince Mohammed bin Salman and over $9 billion investments in the technology sector announced in February, demonstrate the country's commitment to fostering tech-driven growth and innovation.

Source: Sunil Singh for The National

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