A new $9.7 million funding round has been successfully closed, according to Buildnow, a Saudi-based company that specializes in supply chain solutions for the Middle Eastern construction industry.
STV and Arbah Capital led the round, and a combination of debt financing provided additional funding to support the company’s market expansion goals.
Buildnow offers “Build Now, Pay Later” options with the goal of assisting small and medium-sized businesses in the construction sector by means of an integrated supply chain network and a specialized credit management platform.
The business closed a SAR 35.3 million ($9.4 million) initial seed funding round in March, which included $2.9 million in debt financing and $6.5 million in equity.
Buildnow analyzes buyers’ financial information, legal status, and market reputation using cutting-edge digital technologies. This enables the business to give SME suppliers upfront liquidity in addition to flexible financing options with customized credit terms.
Hisham Al-Saleh, Rahat Dewan, and Abdullah Al-Sheikh founded Buildnow in April 2022 with the goal of transforming construction finance through creative solutions that promote sustainability and growth.
