Pioneering B2B construction tech startup BRKZ has raised US $8 million in a funding round co-led by 9900 and BECO Capital with participation from Aramco’s Wa’ed Ventures, Knollwood Investment Advisory, RZM Investment and MISY Ventures.
The company which helps to connect construction businesses with building materials suppliers aims to operate as a one-stop shop for the construction sector in the MENA region where the total value of various infrastructure, transport, and building projects is estmated at approximately US $2.5T.
By offering a managed marketplace with a focus on digitisation and transparency, BRKZ is committed to providing the best prices and financing solutions to contractors and suppliers in the Kingdom of Saudi Arabia and the wider MENA region.
With the latest series A funding round, BRKZ has now raised US $13.5m since its launch.. The company’s seed round (US $5.55m) was led by Better Tomorrow Ventures, with participation from Class 5 Global, Knollwood Investment Advisory, Plus VC, and several other strategic Saudi angel investors
BRKZ was established in 2022 by Ibrahim Manna, a three-time logistics founder and former Careem executive, to address critical challenges in the construction industry including fragmented supply chains, operational inefficiencies, and lack of access to finances.
The company leverages technology to ensure equitable access to the best market prices for all contractors and is on a mission to build a tech-enabled ecosystem to revolutionize the MENA construction industry.
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. And importantly, a quick and easy Request for Quotes via WhatsApp or website. Suppliers engage with BRKZ to benefit from access to a wide customer base. The simplified portal for suppliers enables them to customize prices by size, location, and delivery options. To date, BRKZ has facilitated over $170m quotations across nearly 1,200 products from more than 350 suppliers.
Manna tells FM Magazine: “The investment underscores BRKZ’s commitment to digitizing buying and selling building materials, promoting transparency, and fostering efficient contractor financing. It comes at a pivotal moment for BRKZ, enabling us to grow further within the $100billion 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.”
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
Dany Farha from BECO Capital, says: “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, adds: “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 US $1.6 trillion in annual losses to economic actors, as well as 5.7 billion metric tonnes of CO2 each year, which accounts for approximately 26 per cent 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.”
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