Saudi firms dominate venture investment activity

CAIRO, Sept 18 (Arab News): Saudi firms have taken the venture ecosystem by storm with startup activity dominating activity in recent weeks.
Saudi Aramco's $500 million venture capital subsidiary Wa'ed Venture made global headlines as it co-led a $52 million series B funding round in US-based construction technology startup Mighty Buildings.
Founded in 2017, Mighty Buildings is recognized for its work in 3D printing technology to create prefabricated homes that are both environmentally friendly and climate resilient.
The series B proceeds are earmarked for the expansion of Mighty Buildings' factory footprint in North America.
Additionally, the company aims to extend its operations to new markets, specifically targeting Saudi Arabia and the UAE.
"This recent funding underlines Mighty Buildings' leadership in the modular homebuilding market. It will accelerate our growth by funding the international expansion to one of the most exciting homebuilding regions in the world," said the firm's Chief Financial Officer Rene Griemens.
"We are thrilled about the support from such esteemed investors for our mission: solving the housing and climate crises by transforming the way the world builds homes," Griemens added.
The investment aligns with Wa'ed Venture's focus on nurturing technology innovations and adds another layer to Saudi Arabia's growing interest in sustainable and advanced construction solutions.
Established in 2018, SVC is a government investment arm affiliated with the SME Bank and the National Development Fund. (Supplied)
"The team at Mighty Buildings has reaffirmed our confidence in the incredible and diverse potential for innovation lying within the construction tech industry," said Fahad Alidi, managing director at Wa'ed Ventures.
"Our investment in the company reflects our belief that innovative materials, as those used in Mighty Buildings' proprietary 3D-printing, will be a major driver for scalability and sustainability of homebuilding in the Gulf Region," Alidi added.
With this fresh infusion of capital, the startup has now amassed a total of $153 million in funding since its inception.
The investment round also saw contributions from BOLD Capital, Khosla Ventures, and 15 other new and existing investors.
Saudi Arabia's Barakah raises $1.5m in seed funding for surplus food management
Saudi-based online marketplace Barakah has successfully completed a seed funding round, raising $1.5 million.
The startup focuses on helping food retailers manage their surplus inventory, claiming to have saved over 100,000 meals from going to waste in a 10-month period.
The investment round was led by Hambro Perks Oryx Fund and included participation from other investors such as 500 Global, +VC, KAUST Innovation Ventures, and Annex Investments.
The funding aims to enhance Barakah's existing operations and facilitate its planned expansion into additional major cities in Saudi Arabia beyond its current markets of Riyadh and Jeddah.
"Our aim at Barakah is to reshape perceptions around surplus food," said Abdulaziz Al-Saud, CEO of Barakah.
"We've created a platform where excess inventory transforms into a viable business opportunity.