Contractors must manage several vendors, put up with drawn-out discussions, and cope with late payments due to the extremely fragmented, laborious, and opaque nature of construction procurement. These inefficiencies are even more noticeable in Saudi Arabia, where trillion-dollar real estate and infrastructure projects are currently underway.
A tech-enabled managed marketplace that simplifies procurement and offers customized financing options is what Riyadh-based construction tech firm BRKZ is offering to address this issue. With investors doubling down, the company has raised $9 million ($8 million in equity and $1 million in debt), increasing its total Series A capital to $17 million.
Class 5 Global, Waed of Aramco, BECO Capital, Better Tomorrow Ventures, Fluent Ventures, Knollwood Investment Advisory, MISY Ventures, RZM Investment, and 9900 Capital were among the returning investors.
This comes after last March’s announcement of BRKZ’s $8 million Series A1 round.
After witnessing these difficulties firsthand, Ibrahim Manna, a former CEO of the Uber subsidiary Careem, established BRKZ in 2023.
Manna told Techcrunch,
“After Careem’s exit to Uber, I bought a family house in May 2020 and faced the inefficiencies of the construction supply chain—lack of visibility in material selection, uncertainty around the whereabouts of goods, and price volatility,” “That frustration made me realize how outdated the industry is and that it presented a huge opportunity worth exploring.”
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