Founders Fund Leads an $11.7 Million Investment Round in Saudi-Based Mnzil

Founders Fund, the prominent U.S.-based venture capital firm, has led an USD 11.7 million Series A investment round in Mnzil, the Saudi Arabia–based workforce housing solutions provider. The round included participation from COTU Ventures, marking Founders Fund’s first-ever entry into the Kingdom of Saudi Arabia.

Founders Fund is globally recognized for its influential investment portfolio featuring companies such as SpaceX, Anduril, Airbnb, Palantir Technologies, Meta, and OpenAI.

Amin Merzadan, Partner at Founders Fund, stated:
"Manzel is solving a massive and often overlooked problem at the heart of the Gulf economy: workforce housing… We are excited to support Manzel in its journey to scale across the region."

Ameer Fareha of COTU Ventures — the first VC fund to invest in Mnzil — added:
"Abdulmajeed and his team are tackling a complex problem with significant social and economic impact… We are fortunate to be part of Mnzil’s journey."

Abdulmajeed AlBabtain, CEO of Mnzil, emphasized that this round represents Founders Fund’s largest entry into the Gulf. He said:
"This round marks a major strategic step that supports our ambition to reshape workforce housing infrastructure and accelerate our expansion across the GCC."

Founded in 2024 by CEO Abdulmajeed AlBabtain and Co-founder Abdulrahman AlShaya, Mnzil has expanded to more than 13 cities across Saudi Arabia, serving 100+ clients including Smasco, EFSIM, Barq, and SIXT, and operating over 60 purpose-built facilities.

The company is advancing efforts to develop dedicated workforce housing projects, beginning with a 22,000-square-meter site intended for six purpose-built buildings in collaboration with landowners.

Founders Fund, established in 2005 by Peter Thiel, currently manages USD 5.5 billion across its active funds.