Founders Fund leads $11.7m series A for Saudi proptech firm Mnzil
- ByStartupStory | November 30, 2025
Silicon Valley Giant Makes First Saudi Lead Bet On Workforce Housing Amid Vision 2030 Boom
Saudi Arabia-based proptech startup Mnzil has secured $11.7 million (SAR 44 million) in a Series A funding round led by Peter Thiel’s Founders Fund, marking the Silicon Valley heavyweight’s inaugural lead investment in the Kingdom. The round also saw continued participation from early backer COTU Ventures, signaling strong confidence in Mnzil’s mission to modernize workforce housing for the GCC’s millions of migrant laborers. Founded just last year, Mnzil operates across 13 cities, serves over 100 corporate clients including EFSIM, SMASCO, BARQ, and SIXT, and manages 60+ facilities built to regulated safety and comfort standards.
End-To-End Platform Tackles Critical Infrastructure Gap
Mnzil delivers integrated worker-housing solutions blending proptech software with purpose-built residential campuses, addressing a massive yet overlooked challenge at the heart of Saudi Arabia’s economy. With Vision 2030 driving mega-projects like NEOM, Red Sea, and Qiddiya, the Kingdom hosts over 10 million expatriate workers facing fragmented, substandard accommodations amid surging demand. Mnzil’s platform streamlines operations—from tenant matching and payments to maintenance and compliance—while partnering with landowners for scalable developments.
The fresh capital will fund a flagship 22,000 sqm site featuring six new worker-housing buildings, expanding physical infrastructure alongside digital enhancements. CEO Abdulmajeed Al-Babtain highlighted the dual focus: “This round serves major strategic objectives to transform the workforce housing ecosystem, both technologically and physically.” Co-founder Abdulrahman Al-Shaya added that rapid execution since 2024 launch—securing blue-chip clients in under 18 months—validates their asset-light model combining SaaS efficiency with real estate partnerships.
Founders Fund’s Strategic Entry Into GCC Proptech
Founders Fund partner Amin Mirzadegan described Mnzil as solving “a massive, overlooked problem” powering GCC growth, praising the team’s world-class execution. Known for backing transformative outliers like SpaceX, Palantir, Airbnb, Meta, Anduril, and OpenAI, the $5.5 billion fund’s Saudi debut underscores the Kingdom’s maturation as a startup destination. COTU Ventures’ Amir Farha, who led Mnzil’s seed, echoed enthusiasm: “Majeed’s ambition, clarity, and drive inspire everyone— we’ve rarely seen such potential for social and economic impact.”
This investment arrives amid MENA proptech heating up, with Mnzil topping recent funding alongside UAE’s Mastiska ($10M seed for AI chips) and Revibe. Saudi Venture Capital’s $267M commitment to 17 US-managed funds further bridges ecosystems, amplifying global interest in Vision 2030-aligned sectors like labor infrastructure.
Vision 2030 Alignment And Scalable Impact
Mnzil’s timing aligns perfectly with Saudi Arabia’s economic diversification, where construction, tourism, and giga-projects demand reliable housing for essential workers. Traditional models—dormitories or informal rentals—face regulatory scrutiny under Saudization and quality standards, creating opportunities for tech-enabled operators. Mnzil differentiates via end-to-end visibility: real-time occupancy tracking, predictive maintenance, Shariah-compliant payments, and ESG-compliant builds emphasizing ventilation, recreation, and safety.
The 22,000 sqm project exemplifies ambitions: modular designs accelerate deployment, proptech optimizes 95%+ occupancy, and data analytics forecast demand peaks tied to project timelines. Expansion plans target Riyadh, Jeddah, Dammam, and NEOM peripheries, with regional forays into UAE and Qatar. Al-Babtain envisions thousands of workers gaining dignified living standards, boosting retention and productivity for clients.
Broader MENA Proptech Momentum
Mnzil’s raise spotlights proptech’s resurgence post-2022 downturn, fueled by $100B+ Vision 2030 real estate inflows. Comparable players like Bayzat (UAE HR) and Tameed (Saudi leasing) validate digitization, but Mnzil carves a niche in blue-collar housing—a $50B+ underserved market. Founders Fund’s validation could catalyze follow-on interest from SVC, STV, and global VCs eyeing GCC infrastructure plays.
Challenges remain: navigating land acquisition, labor regulations, and construction timelines amid 15%+ annual sector growth. Yet Mnzil’s early traction—60 facilities, 100 clients—positions it for dominance, much like how proptech disrupted residential rentals via platforms like Bayut.
Founder Spotlight And Execution Edge
Al-Babtain, a serial entrepreneur with real estate and tech exits, blends domain expertise with operator mindset. Al-Shaya complements via operations scaling. Their pre-seed-to-Series A sprint mirrors Founders Fund’s affinity for ambitious builders tackling unglamorous problems with scalable tech.
As Saudi startups raised $1.5B+ in 2025 YTD, Mnzil exemplifies maturation: product-market fit, institutional backing, and infrastructure bets. This round not only funds growth but elevates proptech as Vision 2030’s quiet powerhouse, housing the workforce building tomorrow’s Kingdom.
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