Wa’ed Ventures invests $52M in California startup Mighty Buildings
Mighty Buildings plans to invest the capital in establishing manufacturing operations in Saudi Arabia and the UAE, two of the world’s largest and fastest-growing construction markets, it said.
Saudi Aramco's venture capital arm Wa'ed Ventures has led a $52 million funding round in , a California-headquartered company that produces pre-fabricated and climate-resilient 3D-printed homes.
The round saw participation from nearly 20 investors, including US venture firm BOLD Capital Partners, existing investor Khosla Ventures, and South Korea’s sustainability-focused fund KB-Badgers. More than half of the funds raised were contributed by new investors, the company said.
Mighty Buildings plans to invest the capital in establishing manufacturing operations in Saudi Arabia and the UAE, two of the world’s largest and fastest-growing construction markets, according to a press release on Zawya.
It will also accelerate the development and scale production of new homes for the US market, the company said on Tuesday.
Rene Griemens, CFO of Mighty Buildings, said, "It (new funding) will accelerate our growth by funding international expansion into one of the most exciting homebuilding regions in the world."
Mighty Buildings, founded in 2017 by Slava Solonitsyn, Dmitry Starodubtsev, Dmitry Starodubtsev, and Alexey Dubov, has delivered over 50 units using scalable housing technology. Its factory-based 3D printing manufacturing process accelerates construction, completing homes in less than a week with minimal water usage and near-zero waste.
The company provides a pre-fabricated kit of building components to property developers who use its product to construct residential buildings.
Using 60% recycled glass, it claims its proprietary printing stock is five times stronger than concrete, 70% lighter, and produces less carbon emissions in its manufacture.
Backed by Aramco, Wa'ed Ventures is a $500 million venture capital fund that aims to accelerate the development of an integrated startup ecosystem through investment in local technology-based startups and incentives for global entrepreneurs to localise their technology innovations in Saudi Arabia.
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Edited by Suman Singh