Saudi proptech startup Buildnow bags $9.4M in seed funding
Buildnow is a build-now-pay-later platform that offers credit terms for buyers and upfront cash payments to SME suppliers.
Saudi Arabia-based proptech has raised $9.4 million in seed funding—a mix of equity ($6.5 million) and debt ($2.9 million)—co-led by Raed Ventures and Khwarizmi Ventures, with participation from international investors and local angels, according to Wamda.
The startup will leverage new funding to enhance the growth of the construction SME supply chain and attract new talent.
“Annually, $42 billion worth of goods are traded within the construction supply chain in Saudi Arabia alone. Suppliers of goods can only offer limited credit, both in amount and duration, to buyers. Credit is extended based on relationships rather than an objective assessment of risk. Given that the SMEs purchasing these materials only get paid much later, this results in a cash crunch and constrains their ability to grow,” said Said Abdulla, CEO, Buildnow.
Buildnow, founded in 2022 by Hisham Al Saleh, Rahat Dewan, and Abdulla Sheikh, is a build-now-pay-later platform that offers credit terms for buyers and upfront cash payments to SME suppliers.
It uses its credit management platform and supply chain network to digitally assess buyers' credit risk, enabling them to supply materials on tailored terms while paying upfront cash to SME suppliers, based on financials, legal standing, and market reputation.
According to Buildnow, its platform provides users with speed, ease, and flexibility, enabling quick and bulk material acquisition, accelerating the delivery of goods and services, facilitating digital transactions in traditional sectors, and enabling buyers to purchase from a wider network of suppliers.
Buildnow has already supplied 50,000 tonnes of raw materials to over 250 SMEs.
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Edited by Kanishk Singh