Buildnow Raises $9.4 Million in Seed Funding
With the new funding, Buildnow aims to unlock untapped growth opportunities.
Saudi Arabia-based proptech Buildnow has secured $9.4 million in seed funding. The investment, comprising $6.5 million in equity and $2.9 million in debt, was co-led by Raed Ventures and Khwarizmi Ventures. Notable participants included international VC firms and local angel investors like Abdulla Elyas, co-founder of Careem.[1]
Launched in April 2022 by Hisham Al Saleh, Rahat Dewan, and Abdulla Sheikh, Buildnow boasts a diverse team with expertise in banking, fintech, and construction. The idea stemmed from Abdulla's firsthand experience of the challenges faced by SMEs in accessing credit for construction materials.
Buildnow utilizes a credit management platform and a vast supply chain network to digitally capture data points such as financials and market reputation, enabling a better assessment of credit risk. This allows Buildnow to provide materials on credit terms tailored for buyers while ensuring upfront cash payments to SME suppliers.
Customers can swiftly acquire materials in bulk, expediting the delivery of goods and services. All transactions are conducted digitally, streamlining business operations in traditional sectors. Buyers gain access to a wider network of suppliers and can negotiate credit terms that suit their businesses.
Having already facilitated transactions totaling over 50,000 tonnes of raw materials and connecting 250+ SMEs, Buildnow witnessed a remarkable 6x growth in 2023 alone. With the new funding, Buildnow aims to unlock untapped growth opportunities.