Mighty Buildings, a leader in 3D printing for construction, has announced via their website that they received $52 million in funding. Aramco's Wa'ed Venture and Bold Capital co-led this funding round, with contributions from Khosla Ventures and 15 other investors. In total, they've invested $153 million in Mighty Buildings since its inception.
STRONG CONFIDENCE IN INNOVATIVE CONSTRUCTION TECHNOLOGY
This funding round showcases strong investor confidence in Mighty Buildings' innovative offsite 3D printing construction technology.
ACCELERATING GROWTH AND EXPANDING OPERATIONS
The new funds will help Mighty Buildings develop and build new homes for the growing demand in the US. They also plan to start making houses in Saudi Arabia and the UAE. This is a key expansion because these are two of the biggest and fastest-growing construction markets in the world.
GLOBAL TRANSFORMATION IN HOUSING CONSTRUCTION
Mighty Buildings' expansion into the Gulf region aligns with its global strategy to revolutionise housing construction. This expansion aims to address sustainability, climate resilience, and the global housing shortage.
INVESTMENT REFLECTION FROM WA'ED VENTURES
Fahad Alidi, the Managing Director at Wa'ed Venture, has strong confidence in Mighty Buildings' ability to innovate the construction technology industry. He highlights the importance of innovative materials used by Mighty Buildings. These materials are key for making homes in the Gulf Region scalable and sustainable.
MEETING GROWING DEMAND FOR SUSTAINABLE HOUSING
Mighty Buildings is meeting the growing need for sustainable prefabricated homes. They've already delivered more than 50 units, showing their success in making scalable housing technology. Their goal is to make home construction faster, easier, and more affordable. They also strive to support eco-friendly construction solutions in the industry.
ADVANCING MODULAR HOMEBUILDING
Mighty Buildings' CFO, Rene Griemens, emphasised the company's top position in modular housebuilding. The funding will help the company expand worldwide into a promising homebuilding region. Griemens spoke of the company's plans to modernise the construction of homes to tackle housing and climate issues.
INNOVATIVE MANUFACTURING PROCESS
The company has been running an advanced factory in Monterrey, Mexico, since 2022. They use patented 3D printing technology, speeding up construction. This allows for the construction of a home's envelope in less than a week, conserving water and reducing waste. They also use patented Lumus material that's five times stronger than concrete. This ensures the houses can withstand severe weather, including hurricanes and earthquakes.
This new funding round will help the company expand. It will also help them further address critical housing and environmental challenges. So it is a key step in transforming the construction industry for the better.
Photo credits: Wikimedia
