Launching an investment fund specializing in construction technology in cooperation with SEEDRA Ventures and SWG in Saudi Arabia

Startups Wayz (SWG), in partnership with SEEDRA Ventures and sponsored by the National Technology Development Program (NTDP), has announced the launch of the first specialized investment fund in construction technology and an acceleration program in the Kingdom of Saudi Arabia.

The launch event marks a significant step towards enhancing innovation in the construction and real estate sectors.

Led by the experienced team of Startups Wayz, the specialized fund in construction technology boasts seasoned counterparts, Jordan Yunis and Aya Zaghnin.

“We are excited to spearhead this transformative venture in the growing startup ecosystem in the Kingdom of Saudi Arabia,” comments Jordan Yunis, Managing Partner, emphasizing the fund’s commitment to driving meaningful change through technology.

“We are aligned with the vital projects of Saudi Vision 2030, determined to uphold our commitment to fostering an innovation-friendly environment and expanding within a sector ripe for radical advancements, cost efficiencies, and scalability.

Our goal is to actively contribute to providing cutting-edge technologies within the sector, enhancing the growth and development of built assets in the Kingdom of Saudi Arabia,” adds Aya Zaghnin, underscoring the fund’s alignment with the country’s vision for economic diversification and technological advancement.

The collaboration between Startups Wayz and Cedar Ventures represents a new milestone in the Saudi startup ecosystem, with global implications.

This partnership combines Startups Wayz’s extensive experience as one of the most active acceleration funds in Europe and Africa with Cedar Ventures’ deep understanding of the Saudi market.

This initiative is further bolstered by the partnership between Startups Wayz and WZMH, a leading Canadian architectural engineering firm.

WZMH will establish the first-of-its-kind Spatial Research and Development Lab – SparcBird – in Riyadh, focusing on developing current technologies for implementation in the Middle East and North Africa region and initiating several new concepts in collaboration with the government, private sector, and educational sector in Saudi Arabia.

“The collaboration with SWG opens the door to introducing SparcBird innovations, especially those designed for the Saudi construction market, into new partnerships with local institutions.

Our inventions, including recent developments inspired by the unique Saudi Vision 2030, align with the region’s demand for advanced Proptech and Contech solutions.

This initiative marks a critical turning point where our commitment to smart building technology intersects with the specific requirements of Saudi Arabia, promising genuine innovative progress in the sector,” according to Mohammed Al Athary and Zennon Radiotich of WZMH regarding the initiative.

In addition to the fund, Startups Wayz offers its distinctive acceleration program in the region, leveraging their expertise in nurturing B2B startups.

“With our extensive experience and strong network, we are poised to empower entrepreneurs and innovators in the construction technology field,” says Cristobal Alonso, CEO of Startups Wayz, reaffirming the commitment to the acceleration program to support startups in their growth journey.

Heitham Al-Farihe, Co-Founder Partner at Cedar Ventures, adds, “Saudi Arabia demonstrates the transformative power and rapid evolution capabilities, with the construction sector at the forefront of this exceptional progress. With significant investments in infrastructure and massive projects like NEOM and the Red Sea Development, the Kingdom witnesses continuous growth in construction activities.

This growth presents opportunities for specialized construction technology companies to increase productivity, enhance safety, and streamline coordination to support the era of transformation in the Kingdom.”

Participating startups in the acceleration program will also have the opportunity to collaborate with experts and mentors from Startups Wayz’s extensive network, providing them with valuable insights and guidance to expand their businesses globally.

As they look forward to launching the program in the third quarter of 2024, further information about the acceleration program and how to apply will be announced by Startups Wayz, Cedar Ventures, and WZMH on their respective websites soon.