• Saudi Arabia-based contech Buildnow has closed a $9.7 million funding round, led by STV and Arbah Capital, with additional funding from a mix of debt financing, reinforcing the company’s expansion plans in the market.
• Founded in 2022 by Hisham Al Saleh, Rahat Dewan, and Abdulla Sheikh, Buildnow is a build-now-pay-later platform that supplies materials on credit terms tailored for the buyer while paying cash upfront to the SME suppliers.
• The new funding will support the expansion of the company's operations for small and medium enterprises (SMEs) in the construction and building sector.
• In March, the company closed an initial seed funding round worth $9.4 million, which included $6.5 million in equity and $2.9 million in debt financing.

Source: EntArabi

Buildnow, a Saudi-based company specialising in supply chain solutions for the construction sector in the Middle East, has announced the successful closure of a new $9.7 million funding round.

The round was led by STV and Arbah Capital, with additional funding from a mix of debt financing, reinforcing the company’s expansion plans in the market.

Buildnow provides “Build Now, Pay Later” solutions, aiming to support SMEs in the construction industry through a specialised credit management platform and an integrated supply chain network.

In March, the company closed an initial seed funding round worth SAR 35.3 million ($9.4 million), which included $6.5 million in equity and $2.9 million in debt financing.

Buildnow leverages advanced digital technologies to analyse the financial data, legal status, and market reputation of buyers. This allows the company to offer flexible financing solutions with tailored credit terms while also providing upfront liquidity to SME suppliers.

Founded in April 2022 by Hisham Al-Saleh, Rahat Dewan, and Abdullah Al-Sheikh, Buildnow aims to revolutionise construction financing with innovative solutions that foster growth and sustainability.