In November, one-year-old Builtop, a Saudi digital procurement startup serving the construction sector, announced that it had raised $11 million in a seed funding round comprising both debt and equity. The investment was led by TAM Capital with participation from strategic investors.
“The new capital will enable Builtop to expand its operations across Saudi Arabia, enhance trade-credit services, and advance product innovation to align with Vision 2030’s infrastructure goals,” the company said about the new capital injection.
Builtop is one of several local and international startups using software and AI to reshape the design, construction and management of buildings in Saudi Arabia’s fast-growing real estate market. In July, Rewa, a UAE-based proptech startup, joined a venture program that drove its expansion into the Saudi Arabian market. By November, the startup closed a $1 million investment at an $8 million valuation.
“Saudi’s proptech ecosystem is young but increasingly well-funded and strategically aligned with Vision 2030,” said Najib Khanafer, Co-Founder and CEO of Rewa. “Real estate digitization and fintech convergence are national priorities. While founders face longer fundraising cycles compared to pure-play fintech or e-commerce, investor appetite is rising, particularly from local real estate developers, family offices, and government-linked venture funds seeking tangible national impact.”
Vision 2030 is the country’s blueprint to diversifying its economy, creating a vibrant environment for both local and international investors, and becoming a global business leader.
Venture capital funding across Saudi Arabia hit $750 million in 2024, with proptech taking an increasing share. Investment in the sector has surged from under $2 million in 2019 to nearly $40 million in 2025, driven by Vision 2030 and mega-projects such as NEOM and the Red Sea development, which have made construction technology a national priority.
Besides Builtop and Rewa, other Saudi Arabian companies like WakeCap secured $28 million for AI-powered site monitoring in May, and Ajras raised $28 million to expand its property management platform. Even early-stage startups like Fitting and HissaTech secured $500,000 and $667,000 in pre-seed funding, respectively, showing growing momentum.
“Saudi Arabia’s proptech landscape is gaining remarkable pace, with both startup activity and investor interest accelerating across the Kingdom,” said Aya Zaghnin, managing director of NeoCity, a Saudi-based venture fund focusing on proptech startups. “This aligns with the Vision 2030 real estate and housing objectives. NeoCity, for example, is positioned at the core of this transformation because we are connecting global technologies with leading developers to drive tangible urban innovation in the Kingdom.”
NeoCity has launched a program enabling rapid market entry for global proptech startups. It provides capital, facilitates partnerships with established firms, and connects startups to regulatory sandboxes. Zaghnin said NeoCity has helped 10 startups from the U.S., U.K., and Singapore enter the Saudi market, collectively raising close to $10 million — including UAE-based Rewa, which has begun onboarding clients and partners in the region.
Industry analysts estimate the Saudi proptech market to be worth $860 million in 2024, projected to double by 2030. Early players are focusing on three fronts: procurement marketplaces connecting developers to suppliers, AI-driven safety and monitoring systems, and digital property-management tools for a rapidly urbanizing population.
Government funds are fueling the shift. The Public Investment Fund (PIF) has backed multiple local VCs and partnered with BlackRock to launch vehicles targeting infrastructure and innovation. Big tech companies like Google are also betting on the industry. At the FII Summit in October, Google and Arabian Dyar announced a $100 million partnership to integrate AI and big data across Dyar’s developments, using 15 years of internal data to improve planning, design, and community management.
Real estate giants in the Kingdom are also embracing technology, with a few investing pilot programs with startups.
“When a technology helps brokers work smarter, supports developers in selling better, or improves user trust, we see it as a natural extension of our vision,” said Ibrahim AshShohail, Chairman and CEO of Aqar, one of Saudi Arabia’s largest developers. “We believe the next decade of real estate in Saudi will be defined by technology, AI, data, and automation. That’s why we’re increasingly partnering with and investing in startups building tools that complement our mission of creating a transparent and efficient market.”
The PropTech boom, however, has its challenges. Most funding remains concentrated in a few high-profile names, and many early teams struggle with data integration and construction-site adoption. “These are real challenges we believe that initiatives like NeoCity, backed by the National Technology Development Program and Real Estate General Authority, can solve. We are creating a plug-and-play sandbox available for everyone to operate in the market, Zaghnin added.
Even so, Saudi Arabia’s bet on proptech aligns with its broader AI ambitions. With the government pledging $40 billion for AI development, construction and real estate are natural testbeds for automation.
For now, Saudi Arabia’s proptech scene remains small but unusually strategic with a mix of global venture capital, local talent, and state-backed megaprojects looking to digitize one of the country’s most important industries. Whether it becomes the region’s next fintech-scale success story will depend on how fast these startups can turn prototypes into platforms that actually build the kingdom’s future.
