Saudi's Mnzil Raises $11.7M Series A Led By Founders Fund
Founders Fund - known for backing companies such as SpaceX, Airbnb, Palantir, Meta, Anduril and OpenAI - makes its first lead investment in Saudi Arabia.
Mnzil, a Saudi-based workforce housing solutions company, has raised $11.7 million in a Series A round led by Founders Fund, with participation from COTU Ventures. It marks Founders Fund’s first lead investment in Saudi Arabia.
Founded in 2024 by Al-Babtain and co-founder Abdulrahman Al-Shaya, Mnzil operates in more than 13 Saudi cities and serves over 100 clients including EFSIM, SMASCO, BARQ and SIXT. The company says its integrated solutions span more than 60 campuses meeting comfort and safety standards, and it is expanding via purpose-built developments with landowners and real estate developers, beginning with a planned site for six workforce housing facilities totalling 22,000 m2 in built-up area.
"Mnzil is solving a massive, overlooked problem at the heart of the GCC's economy: workforce housing,” said Amin Mirzadegan, Partner at Founders Fund. "Majeed’s focus and relentless execution have produced explosive growth since Mnzil’s launch in mid-2024, and we’re excited to support the company as it expands its reach and impact across the GCC."
Founders Fund, known for backing companies such as SpaceX, Airbnb, Palantir, Meta, Anduril and OpenAI, is currently investing from a $5.5 billion set of funds.
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