Saudi Aramco’s Wa’ed Ventures Leads $52M Investment in Mighty Buildings
- ByStartupStory | September 13, 2023
Wa’ed Ventures, the venture capital arm of Saudi Aramco, has taken the lead in a $52 million funding round for Mighty Buildings, a California-based company specializing in the production of pre-fabricated and climate-resilient 3D-printed homes. Nearly 20 investors participated in this funding round, including BOLD Capital Partners, a US venture firm, Khosla Ventures, an existing investor, and KB-Badgers, a South Korean fund focused on sustainability.
Of note, more than half of the funds raised came from new investors, according to the company’s statement. Mighty Buildings intends to use this capital to establish manufacturing operations in Saudi Arabia and the UAE, two of the world’s largest and rapidly growing construction markets. Additionally, they plan to expedite the development and scale production of new homes for the US market.
Rene Griemens, CFO of Mighty Buildings, said, “It (new funding) will accelerate our growth by funding international expansion into one of the most exciting homebuilding regions in the world.”
Founded in 2017 by Slava Solonitsyn, Dmitry Starodubtsev, Dmitry Starodubtsev, and Alexey Dubov, Mighty Buildings has already delivered more than 50 units using its scalable housing technology. Their factory-based 3D printing process streamlines construction, enabling the completion of homes in less than a week while minimizing water usage and waste. The company offers a prefabricated kit of building components to property developers who utilize their products in residential construction.
One of the notable aspects of Mighty Buildings’ approach is its use of a proprietary printing material consisting of 60% recycled glass. This material is claimed to be five times stronger than concrete, 70% lighter, and generates fewer carbon emissions during manufacturing.
Wa’ed Ventures, backed by Aramco, operates as a $500 million venture capital fund with the goal of fostering a comprehensive startup ecosystem. This involves investing in local technology-based startups and providing incentives for global entrepreneurs to localize their technological innovations within Saudi Arabia.
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