BRKZ Secures $8m in Series A Funding to Revolutionize the Building Materials Sector in MENA
–News Direct–
Total value of the various infrastructure, transport, and building projects across the MENA region is approximately $2.5T. Helping to connect construction businesses with suppliers of building materials, a pioneering B2B construction tech startup BRKZ that specializes in materials procurement for construction projects is today announcing a $8 million investment to empower contractors to reach their full potential.
The funding round was co-led by 9900 and BECO Capital, with participation from Aramcos Waed Ventures, Knollwood Investment Advisory, RZM Investment and MISY Ventures. With this series A funding round, BRKZ has now raised $13.55m in total. BRKZs seed round ($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 launched in 2022 and founded by Ibrahim Manna, a three-time logistics founder and former Careem executive, to address critical challenges in the construction industry such as fragmented supply chains, operational inefficiencies, and lack of access to finances. The company aims to leverage 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 1200 products from more than 350 suppliers.
Ibrahim Manna, Founder of BRKZ, commented: 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 this new funding, BRKZ is set to deepen its proprietary capabilities, getting closer to being a one-stop-shop for the construction industry, and expand its footprint across Saudi Arabia and beyond. Thus, contributing to the growth and efficiency of the construction sector in the Kingdom of Saudi Arabia and the MENA region.
Dany Farha from BECO Capital said: 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 added: At 9900, 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 $1.6 trillion in annual losses to economic actors, as well as 5.7 billion metric tonnes of CO2 each year, which accounts for ~26% of global emissions. With their best-in-class procurement platform delivered through the power of technology, were excited to be backing Ibrahim and the BRKZ team towards driving positive change for this important economic sector within the MENA region
About BRKZ
BRKZ is a B2B construction tech startup revolutionizing the buying and selling of building materials, through a managed marketplace. With a focus on digitization and transparency, BRKZ is committed to providing the best prices and financing solutions to contractors and suppliers in KSA and MENA.
BRKZ is backed by leading VCs including 9900, BECO, BetterTomorrow Ventures, Waed, Knollwood Investment Advisory, Class 5 Global, RZM and Plus VC. Reflecting strong confidence in its mission to innovate the construction materials market. For more information please visit: https://brkz.com/en
About 9900
9900 Capital is a multi-stage fund based in London, with offices in New York and a growing presence in MENA. Founded in 2023, it is managed by former investors at the Bill and Melinda Gates Foundation and the London-based investment firm Hedosophia.
Alluding to the firms numerical name, which comes from the average number of working days in a lifetime, 9900's mission is to back extraordinary founders tackling 'big problems' across a range of sectors, globally.
About BECO Capital
Founded in 2012, BECO Capital is one of the first early-stage VC firms to have been founded in the UAE with a focus on MENA. Today, we are one of the largest non-governmental venture firms with c.$450m in assets under management. Weve had the privilege of partnering early on with the regions biggest success stories which has resulted in all our funds being consistently ranked in the top 10% globally in terms of performance.
We back early-stage tech entrepreneurs across a wide range of sectors who are tackling massive white spaces, building robust technology, and driving the evolution of the ecosystem in the MENA region and beyond. We support our startups with their overall strategy, fundraising and business development efforts, and provide mentorship and ongoing data analytics and insights. We've invested in 40+ startups and are building a global platform to continuously invest in cutting edge tech. For more information please visit: https://becocapital.com/
Contact Details
BRKZ
Bilal Mahmood
+44 7714 007257
b.mahmood@stockwoodstrategy.com
Company Website
View source version on newsdirect.com: https://newsdirect.com/news/brkz-secures-8m-in-series-a-funding-to-revolutionize-the-building-materials-sector-in-mena-786471969
BRKZ
COMTEX_448834583/2655/2024-03-06T05:59:47
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