US Founders Fund Picks Saudi Arabia for Its First Lead Investment, Leading Mnzil’s SAR 44Mn Series A

The US-based Founders Fund has led a Series A investment round in Mnzil, the workforce housing solutions company, with continued participation from COTU Ventures, for a total value of SAR 44Mn+. This marks the fund’s first-ever lead check in Saudi Arabia. 

The venture capital firm, Founders Fund, is known for backing some of the world’s most iconic companies, including SpaceX, Airbnb, Palantir Technologies, Meta, Anduril and OpenAI, it said in a statement. 

"Mnzil is solving a massive, overlooked problem at the heart of the GCC's economy: workforce housing,” said Amin Mirzadegan, Partner at Founders Fund. "Majeed’s focus and relentless execution have produced explosive growth since Mnzil’s launch in mid-2024, and we’re excited to support the company as it expands its reach and impact across the GCC."

Amir Farha, from COTU Ventures, the first VC invested 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.”

For his part, Mnzil’s CEO, Abdulmajeed Al-Babtain, expressed that this investment marks the fund’s biggest entry into the GCC, specifically into the promising Saudi economy, a milestone he is deeply proud of. “This round serves major strategic objectives that support our ambition at Mnzil to transform the workforce housing ecosystem, both in its technological foundation and its physical infrastructure. I extend my gratitude to my colleagues at Mnzil for their dedication, and to the teams at Founders Fund and COTU Ventures for their trust and tremendous support throughout the past months,” he added. 

Mnzil was founded in 2024 by CEO Abdulmajeed Al-Babtain and co-founder Abdulrahman Al-Shaya, and is present across 13+ Saudi cities to date. 

Its integrated workforce housing solutions now serve over 100 clients, including EFSIM, SMASCO, BARQ, SIXT, and others. This rapid scale-up has enabled Mnzil to redefine workforce living across more than 60 campuses that meet comfort and safety standards. 

The company is also expanding through new purpose-built development projects in partnership with landowners and real estate developers, starting with a site planned for six state-of-the-art workforce housing facilities spanning 22,000 m2 in built-up area. 

Founders Fund was established in 2005 by Peter Thiel, who gained fame as an investor following his legendary check in Facebook back in 2004, when he had backed the company for $500,000 for 10% of the business. Founders Fund is currently investing out of a $5.5B set of funds, equivalent to approximately SAR 20.6 billion.