A group of family offices and Revival Lab led a funding round of SAR 37.5 million ($10 million) for Mazadak, a cutting-edge technology platform that revolutionizes the auction experience by seamlessly connecting buyers and sellers in Saudi Arabia.
This is a component of its ongoing effort to develop fresh approaches and enhance the auction-facilitating process. stepping into a new phase of internet bidding! With an eye toward meeting changing customer needs, the latest investment round demonstrates a dedication to innovation and the advancement of auction methodologies through AI integration.
His Royal Highness Prince Sultan bin Abdullah bin Abdulaziz Al Saud, Chairman of the Board of Directors and Founder of Alpha Gulf Auctions Company “Mazadak,” explained by saying, “The investment round will be among several upcoming rounds to expand to new markets, and we are happy to announce this tour takes place during the most prominent international exhibitions specialising in technology.”
Mohammed Al-Maghlouth, CEO and co-founder of Revival Lab, said: “We are happy with this investment, through which we seek to integrate with our new initiative Uptern Ventures, which aims to develop new business models in the fields of e-commerce, supply chains, and inventory management.”
