- BRKZ secures $8 million in Series A funding to streamline construction materials procurement in MENA.
- Founded by Ibrahim Manna, BRKZ leverages technology to connect contractors with suppliers, tackling supply chain inefficiencies.
- Backed by BECO Capital and 9900, BRKZ aims to expand operations, aligning with Saudi Arabia’s Vision 2030 for industry advancement.
In a significant development for the Middle East and North Africa (MENA) region’s construction sector, pioneering B2B construction technology startup BRKZ has announced an $8 million investment. The investment aims to empower contractors by connecting them with suppliers of building materials, thereby facilitating smoother project execution. BRKZ specializes in materials procurement for construction projects, addressing critical challenges such as fragmented supply chains, operational inefficiencies, and limited access to finances.
Co-led by 9900 and BECO Capital, the funding round also saw participation from prominent entities including Aramco’s Wa’ed Ventures, Knollwood Investment Advisory, RZM Investment, and MISY Ventures. This Series A funding round brings BRKZ’s total raised capital to $13.55 million, following a successful seed round of $5.55 million led by Better Tomorrow Ventures in partnership with Class 5 Global, Knollwood Investment Advisory, Plus VC, and strategic Saudi angel investors.
Founded in 2022 by Ibrahim Manna, a seasoned logistics entrepreneur and former executive at Careem, BRKZ aims to leverage technology to ensure equitable access to the best market prices for all contractors. The company’s mission is to revolutionize the MENA construction industry by building a tech-enabled ecosystem that streamlines procurement processes and fosters collaboration among stakeholders.
This substantial investment underscores the confidence of investors in BRKZ’s vision and potential to transform the construction landscape in the MENA region. With this infusion of capital, BRKZ is poised to expand its operations, enhance its technological infrastructure, and further solidify its position as a key player in reshaping the future of construction procurement.
BRKZ, a prominent platform connecting buyers and suppliers of building materials, offers a range of benefits including access to competitive prices from various suppliers, flexible delivery and payment options, and easy quote requests via WhatsApp or the website.
Suppliers find value in partnering with BRKZ as it grants them access to a broad customer base. The platform provides suppliers with a user-friendly portal to customize prices based on factors like size, location, and delivery preferences. To date, BRKZ has facilitated over $170 million in quotations across nearly 1,200 products from more than 350 suppliers.
Founder Ibrahim Manna views the recent investment as crucial for BRKZ’s growth and its goal of digitizing the building materials procurement process. He sees this as an opportune moment to expand within Saudi Arabia’s $100 billion construction market, to revolutionize how materials are sourced and supplied in the sector.
With the new funding, BRKZ plans to enhance its capabilities and become a comprehensive solution for the construction industry. It aims to expand its reach across Saudi Arabia and beyond, ultimately contributing to the sector’s growth and efficiency in the region.
BRKZ’s innovative approach to digitizing the procurement of building materials reflects its commitment to transforming the construction industry. The recent investment underscores its dedication to transparency, efficiency, and overall improvement within the sector, benefiting both buyers and suppliers alike.
Dany Farha of BECO Capital emphasizes the promising landscape for both investors and contractors. He highlights BRKZ as a poised entity with ample resources to ignite growth, aligning seamlessly with Saudi Arabia’s Vision 2030. This initiative, he notes, aims to attract foreign investors and founders to contribute to a thriving construction sector. Farha expresses BECO Capital’s enthusiasm for joining forces with BRKZ, citing the strategic alignment between BRKZ’s initiatives and BECO’s investment philosophy.
Chris Corbishley, Managing Partner at 9900, emphasized the critical need for innovation within the construction sector, noting its significant inefficiencies. He highlighted staggering statistics, including estimated annual losses of $1.6 trillion to economic actors and the emission of 5.7 billion metric tonnes of CO2 each year, amounting to approximately 26% of global emissions. Corbishley stressed the urgency to address these challenges and expressed confidence in BRKZ’s innovative procurement platform, powered by technology, to drive positive change within the MENA region’s construction sector.
Together, these statements underscore the recognition of BRKZ as a transformative force within the MENA construction industry. Positioned strategically to leverage Saudi Arabia’s ambitious development goals, BRKZ garners support from seasoned investors like BECO Capital and 9900. The alignment between BRKZ’s mission and the investment philosophies of both BECO Capital and 9900 signifies a shared vision for driving innovation and sustainable growth in the region’s construction sector.
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Last Updated on March 7, 2024 by Safiya K
