The US-based Founders Fund has made its first lead investment in Saudi Arabia, steering a Series A round of more than SAR 44 million in Mnzil, the workforce housing solutions company. Existing investor COTU Ventures also participated, marking a significant milestone for both the startup and the broader GCC tech ecosystem.
Founders Fund, known for its bets on companies such as SpaceX, Airbnb, Palantir Technologies, Meta, Anduril and OpenAI, described Mnzil as a high-impact solution addressing a critical yet underdeveloped segment in the region.
Tackling a Core GCC Challenge
Amin Mirzadegan, Partner at Founders Fund, noted that Mnzil is solving an overlooked but central challenge in the GCC economy. He highlighted the team’s strong execution and rapid growth since the company’s launch in mid-2024. According to him, Mnzil’s technology-driven approach positions it to reshape workforce housing across the region.
COTU Ventures, the first venture firm to back Mnzil, reinforced this sentiment. General Partner Amir Farha praised Mnzil’s leadership for addressing a complex and high-impact problem. He emphasized the company’s quick progress in securing key customers and high-profile investors, crediting CEO Abdulmajeed Al Babtain for his clarity, ambition and ability to mobilize teams around a shared vision.
Strengthening Workforce Housing Infrastructure
Mnzil’s CEO expressed pride in attracting Founders Fund’s first major investment in the GCC. He described the round as a strategic step toward transforming workforce housing through improved technology, upgraded physical infrastructure and more efficient service delivery. He also acknowledged the dedication of the Mnzil team and the support of both investors.
Founded in 2024 by Abdulmajeed Al Babtain and Abdulrahman Al Shaya, Mnzil now operates in more than 13 cities across Saudi Arabia. Its integrated housing solutions serve over 100 clients, including companies such as EFSIM, SMASCO, BARQ and SIXT. The company manages more than 60 campuses built to meet modern comfort and safety standards.
Expanding Through New Developments
Mnzil is expanding through new purpose-built housing developments in collaboration with landowners and real estate partners. The first project covers six planned facilities with a combined built-up area of 22,000 square meters. These developments will further enhance capacity and support Mnzil’s aim to elevate workforce living conditions across the Kingdom.
Founders Fund, established in 2005 by Peter Thiel, is investing out of a USD 5.5 billion pool of capital, equivalent to about SAR 20.6 billion. Its lead investment in Mnzil underscores growing confidence in Saudi Arabia’s startup ecosystem and its rising role in regional innovation.
