Project Suppliers raises SAR3.75m pre-seed
Unnamed angel investors backed the Saudi procurement platform as it prepares cash-flow tools for construction suppliers.
Project Suppliers has closed its first pre-seed round of SAR3.75 million, backed by angel investors whose names were not disclosed. The financing was reported on October 4.
The company plans to use the operating data generated by its procurement platform to build cash-flow management tools for construction and mechanical, electrical and plumbing suppliers. It is targeting delayed collections and payment cycles that can leave contractors short of liquidity even when they have work to deliver.
The company reports a database of more than 12,000 suppliers and contractors and approximately 600,000 quotation requests. Those interactions provide a starting point for the proposed predictive and financing tools as it develops services for Saudi Arabia and the wider GCC.
Use of funds
Develop AI cash flow management and financing tools for construction and MEP suppliers
Expand across Saudi Arabia and the GCC