Press release:
Saudi construction and procurement technology startup Project Suppliers has raised SAR3.75 million ($1 million) in its first Pre-Seed funding round, with participation from a group of angel investors whose identities were not disclosed.
Co-founded by Hossam Gaber, Project Suppliers operates a digital platform connecting suppliers and buyers across the construction and procurement sectors in Saudi Arabia.
The platform provides a specialised search engine alongside digital tools that allow contractors and suppliers to manage and track requests for quotations and generate reports. According to the company, its database currently includes more than 12,000 suppliers and contractors, while nearly 600,000 requests for quotations have been submitted through the platform.
Project Suppliers plans to use the new capital and the operational data generated through its platform to develop a suite of cash flow management solutions targeting companies and suppliers operating in the mechanical, electrical and plumbing (MEP) and construction sectors.
The company plans to incorporate artificial intelligence into its data analysis to develop predictive and financing tools aimed at helping businesses manage liquidity, address delayed payment and collection cycles, and improve supply chain efficiency.
"This investment round comes at a pivotal time, reinforcing the importance of the platform as an innovative tool that combines operational connectivity with smart financial solutions," said Hossam Gaber, co-founder and CEO of Project Suppliers.
"The MEP supply and construction sector is a key backbone of major projects in Saudi Arabia under Vision 2030. However, the sector continues to face structural challenges related to cash flow management and delayed financial settlement cycles between contractors and suppliers," he added.
Project Suppliers is preparing to launch its new financial and technology solutions for contractors and suppliers operating across Saudi Arabia's MEP and construction sectors, with plans to expand the offering across the wider GCC market.