- BRKZ, a construction tech startup, announced that it has raised $8 million in a Series A round to expand in Saudi Arabia and the Middle East and North Africa (MENA) and bring its services to new markets.
- Beco Capital and 9900 Capital co-led the round, while other investors, including Aramco's Wa'ed Ventures, Knollwood Investment Advisory, RZM Investment, and MISY Ventures, participated.
- BRKZ previously raised $5.55 million in a seed round led by Better Tomorrow Ventures, with Class 5 Global, Knollwood Investment Advisory, and Plus VC also participating. This new investment raises the company's total funding to $13.55 million.
Inspired by some pain points in the region's construction industry, Ibrahim Manna founded BRKZ in Riyadh, Saudi Arabia, in 2022. Physical visits to suppliers, pricing with little to no guarantee of quality, and delivery time for supplies are some of the pain points encountered in Saudi Arabia and MENA.
The BRKZ application allows buyers to generate and share Requests for Quotation (RFQs), ensuring they receive accurate and competitive prices. However, the app does not support direct online purchases.
The startup claims over $170 million in quotations have passed through its platform, involving about 1,200 products coming from over 350 suppliers.
According to the startup, over 1,200 products from 350 suppliers have received quotes totalling more than $170 million via its platform. BRKZ offers faster turnaround times for common and specialised orders than traditional sourcing methods.
Its expansion plans include prioritising same-day or next-day delivery to assist contractors in purchasing materials and manufacturers in selling their products. BRKZ also intends to expand into equipment rentals and talent sourcing.
BRKZ operates in a market where the construction industry is worth billions of dollars. According to a report, the Middle East Construction Market was valued at $1.9 billion in 2023.
The company plans to focus on three things in the coming year: expanding its in-house tech capabilities, doubling down on financing solutions, and ensuring solid operations and supplier coverage in all cities across KSA [Kingdom of Saudi Arabia].
He also mentioned that BRKZ is considering scaling its platform by investing in several key areas and improving vertical integration with suppliers to gain more control over the supply chain. BRKZ is also working on implementing an upfront tailored pricing mechanism for its customers.
