Build Now has successfully completed a $9.4 million Seed funding round on the sidelines of the prominent “Leap” tech conference in the Saudi capital, Riyadh, from March 4 to 7, 2024, under the theme “New Horizons.”
Build Now is a digital platform specializing in financial, banking, and financial technology solutions, as well as construction. It utilizes its platform to manage credit and its extensive supply chain network.
According to a report by Build Now, the total trade of goods within the construction supply chain sector in Saudi Arabia alone is estimated at $42 billion.
The platform offers limited credit to both suppliers and buyers, extending credit based on relationships rather than target risk assessment.
Build Now supports small and medium-sized enterprises in purchasing construction materials, addressing delays in receiving funds, which result in a liquidity shortage for SMEs in the sector, placing them at a competitive disadvantage against larger players.
Founded in April 2022 by a diverse team with expertise covering banking services, finance technology, and construction, Build Now utilizes its platform to manage credit and its extensive supply chain network.
Build Now authenticates digital data such as financial data, legal status, and market reputation of the buyer to better assess risks. This allows Build Now to supply materials on credit terms designed specifically for the buyer, with upfront payment to suppliers of small and medium-sized companies.
Build Now’s strategy focuses on three main objectives: speed, allowing customers to obtain materials quickly and in large quantities, thereby enhancing their delivery of goods and services; ease, facilitating all transactions online, greatly simplifying business operations in these traditional sectors; and flexibility, enabling raw material buyers to purchase from a much-expanded network of suppliers with credit terms tailored to their business needs.
The third edition of the prominent tech conference “Leap” is being held in Riyadh, Saudi Arabia, from March 4 to 7, 2024, under the theme “New Horizons,” with more than 18,000 exhibiting entities from leading technology companies worldwide.
The conference is organized by the Ministry of Communications and Information Technology, the Saudi Cybersecurity, Programming, and Drones Federation, the Alliance Company, in addition to the General Authority for Small and Medium Enterprises (Monshaat).
It features a selection of distinguished experts and speakers.
The third edition of “Leap” includes various platforms and theaters, including the main platform discussing “Web 3,” leading tech company strategies, user privacy in technology, as well as an investor platform and specialized theaters in education, e-commerce, financial technology, health, the fourth industrial revolution, future energy, and smart cities.
