BRKZ aims for MENA expansion with $8 million Series A funding. BRKZ, a startup specializing in construction technology, has revealed securing $8 million in a Series A funding round.
The funding aims to facilitate the company’s expansion into Saudi Arabia and the wider Middle East and North Africa (MENA) region and enable it to introduce its services to fresh markets.
BRKZ $8 Million Series A Funding
Beco Capital and 9900 Capital have jointly spearheaded the latest funding round, with participation from other notable investors such as Aramco’s Wa’ed Ventures, Knollwood Investment Advisory, RZM Investment, and MISY Ventures.
Prior to this, BRKZ had secured $5.55 million in a seed funding round led by Better Tomorrow Ventures, with contributions from Class 5 Global, Knollwood Investment Advisory, and Plus VC. With this fresh capital injection, the company’s total funding now stands at $13.55 million.
What is BRKZ
Founded by Ibrahim Manna in Riyadh, Saudi Arabia, in 2022, BRKZ was inspired by various pain points within the construction industry in the region. Challenges such as the need for physical visits to suppliers, uncertainty in pricing with inconsistent quality guarantees, and lengthy delivery times for supplies were among the key issues faced in Saudi Arabia and the broader MENA region.
The BRKZ platform addresses these pain points by enabling buyers to generate and share Requests for Quotation (RFQs), ensuring they receive accurate and competitive prices. However, the platform does not support direct online purchases.
BRKZ has Facilitated Over $170 Million In Quotations
Since its inception, BRKZ has facilitated over $170 million in quotations, involving approximately 1,200 products sourced from more than 350 suppliers. The platform boasts faster turnaround times for both common and specialized orders compared to traditional sourcing methods.
BRKZ’s expansion strategy is centered around prioritizing same-day or next-day delivery services to aid contractors in procuring materials and facilitate manufacturers in selling their products. Additionally, the company plans to diversify its offerings by venturing into equipment rentals and talent sourcing.
How the Company Operates
Operating in a market where the construction industry commands billions of dollars, BRKZ is positioned to tap into significant opportunities. According to reports, the Middle East Construction Market reached a valuation of $1.9 billion in 2023.
In the upcoming year, BRKZ aims to focus on three main objectives: bolstering its in-house technological capabilities, enhancing financing solutions, and ensuring robust operational infrastructure and supplier coverage across all cities in the Kingdom of Saudi Arabia (KSA).
The Company Is Exploring Avenues to Scale Its Platform
Moreover, the company is exploring avenues to scale its platform by investing in key areas and enhancing vertical integration with suppliers to exert greater control over the supply chain. BRKZ is also actively working on implementing a tailored upfront pricing mechanism to provide customers with personalized pricing solutions.
MORE RELATED POSTS
