BRKZ, a construction tech startup in Riyadh, aims to transform the fragmented procurement landscape in Saudi Arabia's construction industry, highlighted by trillion-dollar projects. With $17 million raised in Series A funding, BRKZ leverages technology to create a managed marketplace that simplifies procurement and offers tailored financing. Founded by Ibrahim Manna, who faced challenges in construction firsthand, the platform addresses issues like supplier fragmentation and delayed payments, offering transparency and efficiency. Manna's journey involved consulting numerous suppliers across the region, leading to the realization of significant opportunities in Saudi Arabia's burgeoning market driven by Vision 2030.
"After Careem's exit to Uber, I bought a family house in May 2020 and faced the inefficiencies of the construction supply chain-lack of visibility in material selection, uncertainty around the whereabouts of goods, and price volatility," Manna told TechCrunch. "That frustration made me realize how outdated the industry is and that it presented a huge opportunity worth exploring."
Ibrahim Manna states he met with over 100 suppliers and contractors across the UAE, Saudi Arabia, and Pakistan to get a clear picture of construction procurement challenges in the region. He found that while the market was broken everywhere, Saudi Arabia stood out as the most enormous opportunity, fueled by the country's Vision 2030 and strong market tailwinds.
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