Millions raised to accelerate global expansion for 3D printing construction technology
This latest round demonstrates strong investor confidence in Mighty Buildings’ innovative technology for offsite 3D printing construction
Mighty Buildings, the leader in 3D printing construction technology known for its prefabricated, environmentally friendly and climate-resilient homes announced that it has raised $52 million in funding.
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.
New investors contributed more than half of the funds raised.
Funding will 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. Operating in the Gulf region strengthens 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.
Exceeding expectations
Mighty Buildings is meeting a rapidly growing demand for sustainable, prefabricated housing. This is evidenced by the delivery of over 50 units to date, which is an important milestone that reflects the company’s progress in developing scalable housing technology. By focusing on its mission, 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. 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 innovative, 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 construction by fourfold. This will provide for the completion of a home’s envelope in less than one week with drastically less water and near zero waste. Using its patented Lumus material, the technology of Mighty Buildings creates climate-resilient homes that resist severe weather, hurricanes and earthquakes.