Mazadak, a pioneering technology platform that redefines the auction experience, seamlessly connecting buyers and sellers in Saudi Arabia has secured SAR 37.5 million (US$10 Mn) funding in round led by Revive Lab and a group of family offices.
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This is part of it’s continuous endeavor to improve and innovate new ways to facilitate auctions. Entering a new era of online auctions with! The recent investment round signifies commitment to innovation and advancing auction methodologies through AI-Integration, tailored to meet evolving customer needs.
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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 with the aim of expanding to new markets, and we are happy to announce This tour takes place during the most prominent international exhibitions specialized 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 field of e-commerce, supply chains and inventory management.”
About Mazadak
Founded in 2021, Mazadak simplify the auction process, eliminating uncertainty and hidden fees. With a commitment to transparency and trust, Mazadak provide inspection reports and high-quality images curated by our team. It’s advanced mobile app offers a secure and reliable e-commerce marketplace, spanning various product categories. Mazadak Application is designed to provide reliable e-commerce marketplace that is transparent, safe and reliable for business and individuals.
