Aramco's Wa'ed Ventures Leads $52 Million Funding Round for Mighty Buildings' Global Expansion

Oakland, CA - 12th September 2023 - Mighty Buildings, a pioneer in 3D printing construction technology and a leader in sustainable, prefabricated homes, has secured $52 million in funding, marking a significant step forward in its mission to revolutionise the construction industry. The funding round, co-led by Wa’ed Ventures, Saudi Aramco’s innovation-focused venture capital fund, and BOLD Capital Partners, a US-based venture firm specialising in transformational technologies, reflects the growing investor confidence in Mighty Buildings' cutting-edge construction technology.

This latest infusion of capital brings Mighty Buildings' total funding since its inception to an impressive $150 million. The round also witnessed participation from esteemed investors such as Khosla Ventures, as well as KB-Badgers, a South Korean fund with a focus on advanced manufacturing, automation, and sustainability. New investors contributed more than half of the funds raised.

The primary allocation of these funds will be used to expedite the development and scale production of new homes in the United States. The US housing market is experiencing a surge in demand, and Mighty Buildings aims to address this by providing sustainable, efficient, and climate-resilient housing solutions. Additionally, the company plans to establish manufacturing operations in Saudi Arabia and the United Arab Emirates, two of the world's largest and fastest-growing construction markets. This expansion aligns with Mighty Buildings' overarching strategy to transform global housing construction while addressing critical issues such as sustainability, climate resilience, and the global housing shortage.

Fahad Alidi, Managing Director at Wa’ed Ventures, expressed optimism about the investment, stating, "The team at Mighty Buildings has reaffirmed our confidence in the incredible potential for innovation within the construction tech industry. Our investment reflects our belief that innovative materials, like those used in Mighty Buildings’ proprietary 3D printing, will drive scalability and sustainability in homebuilding in the Gulf Region."

Mighty Buildings has already demonstrated its capability to meet the rising demand for sustainable, prefabricated housing with the successful delivery of over 50 units to date. This milestone underscores the company's progress in developing scalable housing technology. By focusing on its mission, Mighty Buildings is simplifying and accelerating home construction while leading the industry toward environmentally friendly and climate-resilient solutions.

Rene Griemens, CFO of Mighty Buildings, expressed excitement about the funding, stating, "This recent funding underscores Mighty Buildings’ leadership in the modular homebuilding market. It will accelerate our growth and support our expansion into one of the most promising homebuilding regions globally. We are thrilled about the support from esteemed investors who share our mission of addressing the housing and climate crises by transforming the way homes are built."

Since the opening of its state-of-the-art factory in Monterrey, Mexico, in 2022, the company has consistently executed its transformative homebuilding strategy. Mighty Buildings' patented factory-based 3D printing manufacturing process dramatically speeds up construction, allowing for the completion of a home’s envelope in less than a week with minimal water usage and nearly zero waste. The use of the patented Lumus material, which is five times stronger than concrete, results in climate-resilient homes capable of withstanding severe weather conditions, hurricanes, and earthquakes.