Startup Wise Guys Launches Construction Tech Specialized Fund and Accelerator Program in Saudi Arabia

Startup Wise Guys (SWG), in collaboration with SEEDRA Ventures and with the support of the National Technology Development Program (NTDP), has launched Saudi Arabia’s first Construction Tech Specialized Fund and Accelerator Program. This initiative aims to drive innovation within the construction and real estate sectors, aligning with Saudi Vision 2030’s strategic goals.

The Construction Tech specialized fund, led by seasoned General Partners Jourdan Younis and Aya Zaghnin, marks a significant milestone in Saudi Arabia’s startup ecosystem. Jourdan Younis, General Partner at SWG, emphasized the fund’s commitment to leveraging technology for meaningful change within the sector.

Aligned with Saudi Vision 2030’s objectives, the fund seeks to introduce transformative advancements, cost efficiencies, and scalability to the construction industry in Saudi Arabia. Aya Zaghnin, also a General Partner at SWG, highlighted the fund’s role in fostering technological advancements crucial for the nation’s economic diversification.

The collaboration between SWG and SEEDRA Ventures signifies a strategic alliance that combines SWG’s experience as a leading accelerator fund in Europe and Africa with SEEDRA Ventures’ deep market insights into Saudi Arabia.

Additionally, SWG’s partnership with WZMH will see the establishment of Sparkbird, a satellite research and development lab in Riyadh. Sparkbird will focus on developing and implementing advanced technologies tailored for the Saudi construction market, aligning with the region’s demand for Proptech and Contech solutions.

The accompanying accelerator program by Startup Wise Guys aims to support startups in the Construction Tech space, providing them with mentorship and resources to scale globally. Founding Partner at SEEDRA Ventures, Haitham Alforaih, highlighted the growth opportunities in Saudi Arabia’s construction sector and the program’s role in supporting innovative solutions.

Startup Wise Guys, SEEDRA Ventures, and WZMH are set to announce more details about the Accelerator Program in the coming months as they prepare for its launch in the third quarter of 2024.