Saudi Wa’ed Venture Co-Leads $52M Series B for 3D Printed Home Startup
US-based 3D-printed home startup Mighty Buildings has secured $52 million in a Series B funding round led by Saudi Arabia's Wa'ed Ventures, the venture capital arm of oil giant Saudi Aramco.
California-based construction tech startup Mighty Buildings has secured $52 million in a Series B funding round led by Saudi Arabia's Wa'ed Ventures, the venture capital arm of oil giant Saudi Aramco. The funding round, which saw participation from nearly 20 investors, will support Mighty Buildings' expansion into Saudi Arabia and the UAE as it looks to scale up production of its innovative 3D printed prefabricated residential buildings.
The new funding is set to accelerate Mighty Buildings’ growth and help bring its approach to homebuilding to new markets like Saudi Arabia and the UAE, which have two of the largest and fastest growing construction industries globally.
"Our investment in the company reflects our belief that innovative materials, such as those used in Mighty Buildings’ proprietary 3D-printing, will be a major driver for scalability and sustainability of homebuilding in the Gulf Region," Fahad Alidi, Managing Director at Wa'ed Ventures, tells StartupScene.
Mighty Buildings is pioneering the use of 3D printing technology to construct prefabricated and environmentally sustainable houses. The startup's proprietary 3D printing process enables it to complete a home's shell in less than a week, using minimal water and generating almost zero waste.
This latest cash infusion comes on the heels of Mighty Buildings opening an industrial-scale 3D printing factory in Mexico earlier this year. The startup has already delivered over 50 housing units to customers in the US using its process.
"We are thrilled about the support from such esteemed investors for our mission: solving the housing and climate crises by transforming the way the world builds homes," Mighty Buildings CFO Rene Griemens tells StartupScene.
The construction tech startup plans to use the new funds to accelerate development and production of sustainable housing solutions in both the US and Middle East markets.