Construction Procurement Challenges in Saudi Arabia
Construction procurement is highly fragmented, manual, and opaque, forcing contractors to juggle multiple suppliers, endure lengthy negotiations, and deal with delayed payments. In Saudi Arabia, where trillion-dollar infrastructure and real estate projects are underway, these inefficiencies are even more pronounced.
BRKZ: A Tech-Enabled Managed Marketplace
To address this, BRKZ, a Riyadh-based construction tech startup, offers a tech-enabled managed marketplace that streamlines procurement and provides tailored financing solutions. The company has raised $9 million ($8 million in equity and $1 million in debt), bringing its total Series A funding to $17 million, with investors doubling down.
Sourcing Construction Materials
BRKZ allows contractors and factories to procure essential building materials like cement, steel, and wood. They benefit from transparent pricing, competitive quotes in just 20 minutes, and buy now, pay later financing, while factories can source raw materials and expand their customer base.
A BRKZ CONSTRUCTION SITEImage Credits:BRKZ
Diversifying Revenues
To stay ahead of the curve, BRKZ will be looking to diversify its revenue streams, which it currently generates through transaction fees and financing solutions, including buy now, pay later and tailored credit offerings.
Full-Service Construction Ecosystem
Beyond materials, BRKZ aims to become a full-service construction ecosystem by addressing four pillars of any project: procurement (its core business today), financing (BNPL and credit solutions), workforce supply, and equipment procurement/rental. Manna, who was the managing director of global markets at Careem, says expanding into workforce and equipment services will make BRKZ an end-to-end platform for contractors and developers.
Conclusion
BRKZ has executed its product and operational roadmap to drive efficiencies in the rapidly scaling construction sector, and the company is excited to continue supporting them in their next chapter. The newly raised capital will put the company on its way to becoming a comprehensive procurement hub it envisions, alongside driving expansion into Saudi Arabia.
Frequently Asked Questions
Q: What is BRKZ’s solution for the construction procurement challenges in Saudi Arabia?
A: BRKZ offers a tech-enabled managed marketplace that streamlines procurement and provides tailored financing solutions.
Q: What are the key features of BRKZ’s platform?
A: The platform allows contractors and factories to procure essential building materials, benefits from transparent pricing, competitive quotes in just 20 minutes, and buy now, pay later financing, while factories can source raw materials and expand their customer base.
Q: What is BRKZ’s plan to diversify its revenue streams?
A: BRKZ will be looking to diversify its revenue streams through transaction fees and financing solutions, including buy now, pay later and tailored credit offerings.
Q: What is BRKZ’s vision for the future?
A: BRKZ aims to become a full-service construction ecosystem by addressing four pillars of any project: procurement, financing, workforce supply, and equipment procurement/rental.
