• Saudi Arabia-based bidding platform Mazadak has secured $10 million in funding, led by Revival Lab and a group of family offices.
• Mazadak, founded in 2021 by Prince Sultan bin Abdullah bin Abdulaziz Al Saud, simplifies the auction process through its e-commerce marketplace.
• The recent round will accelerate Mazadak’s plans to expand to new markets.

Source: Startup Rise

Mazadak, a pioneering technology platform that redefines the auction experience, seamlessly connecting buyers and sellers in Saudi Arabia has secured SAR 37.5 million ($10 million) in funding in a round led by Revival Lab and a group of family offices.

This is part of its continuous endeavour to improve and innovate new ways to facilitate auctions. Entering a new era of online auctions! The recent investment round signifies commitment to innovation and advancing auction methodologies through AI-integration, tailored to meet evolving customer needs.

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 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.”