Mighty Buildings
Mighty Buildings, a construction 3D printing technology company focusing on environmentally friendly and climate-resilient homes, has announced the completion of a 52 million USD funding round. The company says the investment demonstrates strong investor confidence in its technology.
The round was co-led by Wa’ed Ventures, a 500 million USD innovation-focused venture capital fund backed by Saudi Aramco, and by BOLD Capital Partners, a U.S. 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 according to the company. Mighty Buildings says that new investors contributed more than half of the funds raised in the round.
Funding is earmarked to accelerate development and scale production of new homes for the U.S. market, where new home demand continues to rise according to Mighty Buildings, as well as to establish manufacturing operations in Saudi Arabia and the United Arab Emirates. Mighty Buildings says that these countries have the fastest growing markets in the world.
The company says that the addition of operations in the Gulf region aligns with Mighty Buildings’ strategy to transform housing construction globally, 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.
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Mighty Buildings says it is meeting a rapidly growing demand for sustainable, prefabricated housing, that it says is evidenced by the delivery of over 50 units to date. The company says this is an important milestone that reflects its progress in developing scalable housing technology.
By focusing on its mission, the company says it 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 Mighty Buildings CFO Rene Griemens.
Following the opening of its industrial scale factory in Monterrey, Mexico, in 2022, the company continues to emphasise its strategy of ‘transformative’ home building. Mighty Buildings says its patented factory-based 3D printing manufacturing process speeds construction by 3-4x, providing for the completion of a home’s envelope in less than a week, with ‘drastically’ less water and near zero waste according to the company.
Mighty Buildings says its patented Lumus material, which it says is 5x stronger than concrete, its technology creates climate-resilient homes that resist severe weather, hurricanes, and earthquakes.
