Saudi social commerce platform, Mazadak, closes $10 million investment round at LEAP 2024
Riyadh; Gulf Tech News
Saudi-based Alpha Gulf Auctions Company (Mazadak), the leading social commerce platform, today announced closing a $10 million investment round successfully led by venture builder, Revival Lab of the Kingdom, and a group of family offices from the region.
His Royal Highness Prince Sultan bin Abdullah bin Abdulaziz Al Saud, Chairman and Founder of Mazadak, said that this round is part of our investment and funding strategy to support our expansion plan. “We are indeed happy that the current funding arrangement have been closed during LEAP 2024, the leading international specialized technology exhibition,” he added.
Commenting on the investment, Mohammed Al-Maghlouth, CEO and co-founder of Revival Lab, said: “We are looking at integrating this with our new initiative, Upturn Ventures, which is in the domain of developing new business models in the fields of e-commerce, supply chains and inventory management.”
On its part, Mazadak has been working on creating automated auctions driven by Artificial Intelligence (AI) by taking into account customer preferences and purchasing behavior to offer appropriate futuristic and advanced auctions.
The Mazadak platform also provides a live auction service through live streaming technology, which was showcased and tested at the company’s interactive participation in LEAP 2024. At the tech expo, the company conducted a group of live auctions for rare cars, which were broadcast live across several global countries effectively.
Mazadak also provides a special platform for B2B businesses, where companies are able to sell their products with ease and transparency through a closed envelope system. Earlier, Mazadak has managed digital auctions for governmental and private companies, with a value exceeding SAR 70 million during the trial period of the closed envelope system.
For more information: https://www.linkedin.com/company/mazadak/
