Saudi startup BRKZ raised $17 million in a Series A round

BRKZ, a construction technology startup based in Riyadh, offers a technology-enabled managed marketplace that simplifies procurement and provides tailored financial solutions. The company raised $9 million, bringing its total Series A funding to $17 million and doubling the number of investors.

Existing investors, including Aramco Waed, BECO Capital, Better Tomorrow Ventures, Class 5 Global, Fluent Ventures, Knollwood Investment Advisory, MISY Ventures, RZM Investment, and 9900 Capital, participated in the round.

On BRKZ, contractors and manufacturers can purchase essential construction materials such as cement, steel, and wood. They benefit from transparent pricing, competitive bids within just 20 minutes, and the option to buy now and pay later, while manufacturers can source raw materials and expand their customer base.

BRKZ is actively expanding, covering more than 40 cities across the central, eastern, and western provinces of Saudi Arabia, increasing the volume of tender submissions from $170 million in March last year to $350 million today. The construction tech company plans to expand its presence in the northern and southern provinces.

A key focus in product development will be the use of artificial intelligence and machine learning to automate price forecasting, purchase order generation, and other internal processes, thereby improving efficiency for the company, contractors, and suppliers.

The raised capital will help the company become the comprehensive procurement hub it envisions, while also expanding its operations across Saudi Arabia.

Source: techcrunch