From Printers to Palaces: Mighty Buildings’ US$52M Funding Sparks Global Expansion
Mighty Buildings, a pioneer in 3D printing construction technology renowned for its Eco-friendly and climate-resilient homes, has successfully raised US$52 million in its latest funding round, signifying resounding confidence from investors in their cutting-edge offsite 3D printing construction technology.
The injection of capital is earmarked to accelerate the development and scale production of new homes tailored for the demanding U.S. market, where the thirst for new housing continues to surge. Additionally, Mighty Buildings plans to establish manufacturing operations in two global construction powerhouses, Saudi Arabia and the United Arab Emirates. This strategic expansion aligns with Mighty Buildings' broader mission to revolutionise housing construction worldwide, while addressing critical imperatives such as sustainability, climate-resilience, and the ongoing global housing shortage.
This funding round was jointly led by Wa’ed Ventures, an innovation-focused venture capital fund backed by the formidable Saudi Aramco with a capital pool of US$500 million, and BOLD Capital Partners, a U.S.-based venture firm renowned for its commitment to disruption and transformation. Among the nearly 20 investors participating in this round were previous backer Khosla Ventures and fresh contributor KB-Badgers, a South Korean firm operating from its sustainability-focused fund. New investors notably accounted for more than half of the funds raised.
Fahad Alidi, Managing Director at Wa’ed Ventures, expressed confidence in Mighty Buildings, stating, “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.”
Mighty Buildings has swiftly responded to the surging demand for sustainable, prefabricated housing, with over 50 units already delivered—an achievement underscoring the company's strides in developing scalable housing technology. The company's core mission is to streamline and expedite the construction of homes, making it more efficient and cost-effective, while simultaneously pushing the construction industry toward lower carbon, climate-resilient solutions.
Rene Griemens, CFO of Mighty Buildings, highlighted the significance of the recent funding, saying, “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.”
Mighty Buildings embarked on its transformative journey by opening an innovative, industrial-scale factory in Monterrey, Mexico, in 2022. Their patented factory-based 3D printing manufacturing process has proven to accelerate construction by 3-4 times, enabling the completion of a home's structure in under one week with significantly reduced water usage and nearly zero waste. The utilisation of their patented Lumus material, known to be five times stronger than concrete, facilitates the creation of climate-resilient homes capable of withstanding severe weather conditions, including hurricanes and earthquakes.
Mighty Buildings is undeniably spearheading a revolution in sustainable housing construction, reshaping the future of homebuilding with innovation and environmental consciousness at its core.