Thursday 18 July 2024

A 3D printed building. Image: Mighty Buildings

Wa'ed Venture invests in 3D leader; plans for Gulf expansion

OAKLAND, California, September 18, 2023

Mighty Buildings, a leader in 3D printing construction technology, has raised $52 million funding, co-led by Aramco's Wa'ed Venture and Bold Capital, to accelerate global expansion.
It was also participated by Khosla Ventures and 15 other new and existing investors. They funding brings the total funding raised since inception to $153 million. 
This latest round demonstrates strong investor confidence in Mighty Buildings' innovative offsite 3D printing construction technology, a statement said.
Funding is earmarked to accelerate development and scale production of new homes for the US market, where new home demand continues to increase, as well as to establish manufacturing operations in Saudi Arabia and the United Arab Emirates, two of the largest and fastest growing construction markets in the world. 
The addition of operations in the Gulf region aligns with Mighty Buildings' strategy to transform housing construction globally, while addressing sustainability, climate-resilience, and the global housing shortage, it said.
"The team at Mighty Buildings have reaffirmed our confidence in the incredible and diverse potential for innovation lying within the construction tech industry. Our investment in the company reflects our belief that innovative materials, as those used in Mighty Buildings' proprietary 3D-printing, will be a major driver for scalability and sustainability of homebuilding in the Gulf Region," said Fahad Alidi, Managing Director at Wa'ed Ventures.
Mighty Buildings is meeting a rapidly growing demand for sustainable, prefabricated housing, as evidenced by the delivery of over 50 units to date, an important milestone that reflects the company's progress in developing scalable housing technology. By focusing on its mission, the company is making it easier, faster and more cost-effective to build homes, while pushing the construction industry towards lower carbon, climate resilient solutions.
"This recent funding underlines Mighty Buildings' leadership in the modular homebuilding market. It will accelerate our growth by funding the international expansion to one of the most exciting homebuilding regions in the world. We are thrilled about the support from such esteemed investors for our mission: solving the housing and climate crises by transforming the way the world builds homes," said Mighty Buildings' CFO Rene Griemens.
Following the opening of its innovative, industrial scale factory in Monterrey, Mexico, in 2022, the company continues to emphasise its strategy of transformative home building. Mighty Buildings' patented factory-based 3D printing manufacturing process speeds construction by 3-4x, providing for the completion of a home's envelope in less than one week with drastically less water and near zero waste. Using its patented Lumus material, which is 5x stronger than concrete, the technology of Mighty Buildings creates climate-resilient homes that resist severe weather, hurricanes and earthquakes, it said. -TradeArabia News Service


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