BuildNow, MENAP’s first “Build Now Pay Later” solution has secured $9.4 Million Seed Funding round. The round was a mix of equity ($6.5 million) and debt ($2.9 million) and was co-led by Raed Ventures and Khwarizmi Ventures. The round also saw participation by international VC’s and key local angels, including Abdulla Elyas (co-founder of Careem).
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After the great success of BuildNow to date, supplying more than 50,000 tons of raw materials and facilitating business among more than 250 SMEs, the company aspires to make a quantum leap in the construction field. With the new funding, BuildNow is poised to enable the entire construction SME supply chain to seize previously missed opportunities and boost their growth. To achieve this mission, they are looking for world-class talent to join their team and take BuildNow to new heights.
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Said Abdulla, CEO: “Annually, $42 billion worth of goods are traded within the construction supply chain in Saudi Arabia alone. Suppliers of goods can only offer limited credit, both in amount and duration, to buyers. Credit is extended based on relationships rather than an objective assessment of risk. Given that the SMEs purchasing these materials only get paid much later, this results in a cash crunch and constrains their ability to grow.”
Saed Nashef, Founding Partner at Raed ventures stated, “Investing in Buildnow was a decision driven by our confidence in the team’s ability to address a critical market inefficiency. Buildnow’s offering doesn’t just facilitate transactions; it in fact empowers SMEs within the construction industry, an industry that’s undergoing a period of massive expansion in the Kingdom, and represents a cornerstone of Vision 2030. While they operate one of the fastest-scaling businesses in the region, their success means thousands of SMEs can be more productive and have more stability in their business. This can impact the actual realisation of the vision 2030’s mega projects building the new Saudi Arabia.”
About BuildNow
Founded in 2022 by Hisham Al Saleh, Rahat Dewan, and Abdulla Sheikh, Using its credit management platform and extensive supply chain network, Buildnow digitally captures data points such as financials, legal standing and market reputation of the buyer to better assess credit risk. This enables Buildnow to supply materials on credit terms tailored for the buyer while paying cash upfront to the SME suppliers.
