Project Suppliers, a Saudi procurement platform for the construction sector, has raised SAR 3.75 million, about $1 million, in what Wamda reported on 5 October as its first pre-seed round. The backers are described as a group of angel investors. None of the reports we read names them, and none gives a valuation.
It is a small round, and the more interesting part is what it is for: the announcement points the money at a new line of financial products rather than at the platform the company already runs.
What the Platform Is
Wamda says the company was founded in 2020 and runs a digital platform linking suppliers and buyers in Saudi Arabia’s construction and procurement sectors. Enterprise describes it as a business-to-business platform where contractors send requests for quotation, or RFQs, to suppliers for materials. Per Wamda, it adds a specialised search engine and tools to manage and track those requests and to generate reports.
The scale figures are the company’s: its database includes more than 12,000 suppliers and contractors, and nearly 600,000 RFQs have been submitted through it. We report them as stated and have not tried to verify them independently.
Where the Money Goes
The stated plan is to use the funding, and the operational data the platform collects, to build AI-driven cash-flow management tools for MEP (mechanical, electrical and plumbing) and construction companies and suppliers. Entarabi’s account of the announcement describes cash-flow and financing tools for the MEP supply sector; Wamda lists predictive and financing products aimed at delayed payments and collection cycles. Enterprise reports that the products will launch in Saudi Arabia first and then expand across the GCC.
The company’s co-founder and chief executive is quoted by Entarabi saying: “We see an exceptional opportunity in the Saudi market to drive a significant technological and financial transformation.” In Wamda’s account of the same statement, he calls the MEP and construction sector a backbone of Vision 2030 projects that faces structural cash-flow and delayed-settlement challenges.
We have left the executive’s name out. The outlets we read spell it differently (Wamda’s English text gives both “Husam Jaber” and “Hossam Gaber”, Decypha gives “Hossam Jaber”, and Entarabi gives “Hossam Gaber”), and we could not read the company’s own site to settle it. Its site returned a bot-check page to our requests, so the announcement reached us through the press coverage cited here.
Our Read: From Quotes to Credit
What follows is analysis, not reporting.
An RFQ platform sees something most software in the sector does not: which contractors are asking which suppliers for what, and how often. The company’s stated bet is that this activity is a basis for forecasting cash flow and, from there, for financing products. None of the reports we read says whether Project Suppliers would lend from its own balance sheet, partner with financial institutions, or do something else. That is the question that decides what kind of company this becomes, since a software business and a lending business are different things.
It is also not the only Saudi procurement platform heading this way. BRKZ raised $31 million in September, of which $18 million was growth debt that BRKZ’s release ties to working capital and flexible payment terms for customers. BRKZ is far larger and reports selling materials itself, so the two are not the same business. But on this evidence both are moving from matching buyers and suppliers toward the payment terms behind the order.
What We Don’t Know
Beyond the unnamed investors and the absent valuation, the reports we read give no timeline for the first financial product, no customer names, and no figure for revenue or how many of the 12,000-plus accounts are active. If the company launches a financial product, its design will tell us far more than this announcement does.
