Mighty Buildings raises $52 million in funding
The round was co-led by Wa’ed Ventures and BOLD Capital
Mighty Buildings, a leader in 3D printing construction technology known for its prefabricated, environmentally-friendly, and climate-resilient homes, has raised $52 million in funding – demonstrating strong investor confidence in Mighty Buildings’ innovative offsite 3D printing construction technology. The round was co-led by Wa’ed Ventures, the $500 million innovation-focused venture capital fund backed by Saudi Aramco, and by BOLD Capital Partners, a US disruption and transformation-focused venture firm.
Existing investor Khosla Ventures and new investor KB-Badgers, a South Korean fund focused on advanced manufacturing, automation, and sustainability, were among a total of almost 20 investors in the round. The new investors contributed more than half of the funds raised.
The 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 while addressing sustainability, climate resilience, and the global housing shortage.
“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. 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 Rene Griemens, CFO of Mighty Buildings.
Following the opening of its industrial-scale factory in Monterrey, Mexico, in 2022, the company continues to emphasize its strategy of transformative home building. Mighty Buildings’ patented factory-based 3D printing manufacturing process speeds up construction by 3-4x – providing for the completion of a home’s envelope in less than one week with drastically less water usage and near zero waste. Using its patented Lumus material, which is 5x stronger than concrete, the company’s technology creates climate-resilient homes that are able to resist most severe conditions such as weather, hurricanes, and earthquakes.
