Saudi Arabia-based proptech Mnzil has successfully closed an $11.7 million (SAR 44 million) Series A funding round. The round was led by prominent US-based Founders Fund, marking the venture capital firm’s first-ever investment in the Kingdom, with participation from regional investor COTU Ventures.
A Landmark Investment for the Saudi Ecosystem
The involvement of Founders Fund represents a significant milestone for the Saudi startup landscape, underscoring growing international investor confidence in the nation’s burgeoning tech sector. This strategic investment signals a strong belief in the market’s potential, driven by the ambitious goals of Saudi Vision 2030 to transform and diversify the country’s service and infrastructure sectors.
Redefining Worker Accommodation
Founded in 2024 by Abdulmajeed Al-Babtain and Abdulrahman Al-Shaya, Mnzil provides integrated, end-to-end housing solutions specifically tailored for corporate workforces. The company has rapidly scaled its operations to over 13 cities, serving more than 100 corporate clients, including notable names like Smasco, EFSIM, Barq, and Sixt.
Mnzil’s operational network consists of over 60 fully equipped buildings designed to meet high standards of comfort and safety. By delivering a superior living experience for workers, the company is modernizing a critical component of the Kingdom’s infrastructure.
Fueling Expansion and Infrastructure Growth
The new capital will be instrumental in scaling Mnzil’s operational footprint across Saudi Arabia. A key part of this expansion includes the development of a 22,000-square-meter site, which will host six new state-of-the-art worker-housing buildings. This project, undertaken in partnership with local landowners, will directly contribute to strengthening and upgrading the country’s labour accommodation infrastructure.
About Mnzil
Founded in 2024, Mnzil is a Saudi proptech company dedicated to providing comprehensive worker-housing solutions. The company manages a network of fully equipped and compliant properties across the Kingdom, offering corporate clients a seamless platform to accommodate their workforce while ensuring high standards of living, safety, and comfort.
Source: Wamda
