“Mazadak,” a leader in social commerce, announced the successful closure of its investment round at $10 million, led by “Revival Lab” and a group of family offices in the region.
In statements marking this announcement, His Royal Highness Prince Sultan bin Abdulaziz Al Saud, Chairman and Founder of “Alpha Gulf Auctions,” “Mazadak,” affirmed that this investment round is part of a comprehensive investment plan, with announcements of upcoming rounds aiming to support the growth strategy and expansion into new markets. He expressed his delight with this round, announced during global tech-focused exhibition events.
Mohammed Al-Mughloth, CEO and Co-founder of “Revival Lab,” expressed their pleasure with the new investment, aimed at supporting their new initiative “Upturn Ventures,” which seeks to develop new business models in the realm of e-commerce, supply chains, and inventory management.
“Mazadak” aims to achieve excellence through a strategy based on automating auctions and utilizing artificial intelligence, to understand customer needs and buying behaviors to meet their requirements and offer appropriate products and future auctions.
The platform offers live auction services via “Live Streaming” technology, tested during the “LEAP2024” event, where live auctions of a rare car were efficiently broadcasted in several countries worldwide.
“Mazadak” also provides a B2B platform for businesses, facilitating buying and selling through a sealed bid system, enhancing transparency and simplifying commercial operations.
It is worth mentioning that “Mazadak” has managed digital auctions for a range of government and private sector companies worth over 70 million Riyals during the trial period of the sealed bid system.
