Founders Fund has led a $11.7 million Series A round in Mnzil, the Saudi-based workforce housing platform, marking its first-ever lead investment in Saudi Arabia. The round also included continued participation from COTU Ventures.
Founded in 2024 by CEO Abdulmajeed Al-Babtain and co-founder Abdulrahman Al-Shaya, Mnzil provides integrated workforce housing solutions that combine software-driven operations with purpose-built residential campuses. The company is active in 13 Saudi cities, serving more than 100 clients, including EFSIM, SMASCO, BARQ and SIXT, and managing over 60 facilities built to regulated comfort and safety standards.
Founders Fund partner Amin Mirzadegan said Mnzil is addressing “a massive, overlooked problem at the heart of the GCC economy,” citing rapid execution since launch.
Amir Farha from COTU Ventures, the first VC to invest in Mnzil and a participant in this round, added: “Majeed and his team are solving a complex problem with enormous social and economic benefits. In such a short time, they have demonstrated world-class execution, securing blue chip customers and investors like Founders Fund and ourselves. I’ve rarely come across a founder with Majeed’s blend of ambition, clarity of thought and infectious drive that inspires and elevates everyone around him. We are lucky to be a part of the journey and excited for the impact they’re poised to create for thousands of workers across the GCC.”
Mnzil is progressing new development projects with landowners and real estate developers, beginning with a six-facility site spanning 22,000 square metres in built-up area.
Founded by Peter Thiel in 2005, Founders Fund currently manages $5.5 billion in assets and has backed companies including SpaceX, Airbnb, Palantir Technologies, Anduril, Meta and OpenAI.
Mnzil will use the new capital to scale operations regionally, enhance platform capabilities and advance workforce housing infrastructure in line with Saudi Arabia’s economic transformation programme.
