Construction procurement in Saudi Arabia has long been plagued by inefficiencies, fragmentation, and lack of transparency, making it a challenging environment for contractors. However, one startup is aiming to revolutionize the industry through technology and innovation.
BRKZ, a construction tech startup based in Riyadh, has recently secured $9 million in funding, bringing its total Series A funding to $17 million. The company offers a managed marketplace that streamlines procurement processes and provides tailored financing solutions to contractors and suppliers.
Founded in 2023 by Ibrahim Manna, a former executive at Uber subsidiary Careem, BRKZ has quickly gained traction in the market by addressing the challenges faced by contractors in the construction supply chain. Manna’s firsthand experience with the inefficiencies of procurement led him to create a platform that offers transparent pricing, competitive quotes, and buy now, pay later financing options.
The platform allows contractors and factories to procure essential building materials with ease, cutting through the usual hurdles of high transportation costs and coordination issues. Since its inception, BRKZ has grown exponentially, expanding its range of products and suppliers to meet the demands of major projects in Saudi Arabia, such as King Salman Park, Neom, and the Red Sea Project.
Looking ahead, BRKZ is focused on diversifying its revenue streams by importing hard-to-source construction materials directly from global markets, starting with China and later expanding to India and Turkey. This strategy aligns with China’s efforts to strengthen ties with Middle Eastern markets and could benefit from government-level trade incentives and financing deals between the two nations.
Moreover, BRKZ aims to become a full-service construction ecosystem by offering services in workforce supply and equipment procurement/rental, in addition to its core procurement and financing solutions. The company also plans to leverage AI and machine learning to automate internal processes and improve efficiency for all stakeholders.
With the recent funding round, BRKZ is well-positioned to continue its growth and expansion in Saudi Arabia, with a vision to become the go-to platform for all construction needs. Investors are optimistic about the company’s potential, citing its strong execution of product and operational strategies and impressive revenue growth.
In just two years since its launch, BRKZ has raised a total of $22.5 million and seen a significant increase in valuation, reflecting its rapid growth and positive financial performance. As the company continues to innovate and expand its offerings, it is poised to revolutionize the construction procurement industry in Saudi Arabia and beyond.
