Saudi-based TruBuild has announced the closing of a $1 million Seed funding round, led by Wa’ed Ventures, the $500 million venture capital arm of Aramco. The round also saw participation from Dar Ventures, Plug and Play, Taz Investment, investors from the OQAL network, and notable angel investors, including Simon Moon, former CEO of Atkins Middle East.
More to Know:
- TruBuild was founded in 2023 by Bisrat Degefa and Sari Sabban.
- It operates in the construction and infrastructure sector, developing an AI-powered platform to minimise unexpected construction project costs and enhance execution efficiency and team collaboration.
- According to the company, its platform reduces admin burden, clarifies decisions, and speeds up tender evaluations, contract awards and change approvals by up to 80%.
- TruBuild is currently involved in several projects with major developers such as Osool Real Estate, and plans to use the funding to grow its team, advance its product, and expand into new local and global markets.
Related Comments:
- Anas Algahtani of Wa’ed Ventures said :“We fully believe in TruBuild’s mission to eliminate costly project changes and variations, in line with our mission to invest in impactful businesses in the construction sector.”
- Matt Jones, Saudi British Joint Business Council, stated “TruBuild is combining the best of British construction expertise with cutting-edge Saudi AI R&D to support the realisation of the Saudi Vision 2030 and beyond.”
- “We’re not here to disrupt for the sake of it,” said Bisrat Degefa. “We’re here to make everyday decisions easier through objective data and to help teams avoid the painful surprises they’ve faced for decades.”