The US-based construction technology Mighty Buildings announced it raised a US$52 million Series B round to hit a total funding of $153 million since its launch in 2017, according to the company.

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 are South Korean firms that invested from their sustainability-focused fund. Almost the total amount of investors was 20 in the round.

New investors contributed more than half of the funds raised.

Mighty Buildings specializes in 3D printing construction technology known for its prefabricated, environmentally friendly, and climate-resilient homes. 

Funding is allocated to boost the development and scale production of new homes for the US market, where new home demand is high, as well as to expand the operations in Saudi Arabia and the United Arab Emirates, two large and growing markets for the housing sector.

“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, said Fahad Alidi, Managing Director at Wa’ed Ventures. 

“The team at Mighty Buildings has reaffirmed our confidence in the incredible and diverse potential for innovation lying within the construction tech industry, Alidi added. 

“Our investment in the company reflects our belief that innovative materials, such as those used in Mighty Buildings’ proprietary 3D-printing, will be a major driver for scalability and sustainability of homebuilding in the Gulf Region,” he explained.  

“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 .