- SHATIB announces the closing of a USD 747,000 Pre-Seed investment round, backed by a strategic angel investor.
- The investment round aims to enable developers and contractors to secure competitive prices for construction materials by aggregating purchase orders from multiple projects.
- SHATIB seeks to enhance efficiency in the construction sector and provide industry players with better opportunities to reduce procurement costs.
SHATIB , a Saudi platform specializing in group purchasing for construction materials, has raised $747,000 (SAR 2.8 million) in a Pre-Seed funding round backed by a strategic angel investor whose identity has not been disclosed.
Founded one year ago in Riyadh by Abdulaziz Mutib Al Masoud, who serves as CEO and brings extensive experience in supply chain and procurement management, SHATIB aims to transform efficiency within the construction sector.
The platform enables real estate developers and contractors to secure competitive prices for construction materials by aggregating purchase orders across multiple projects.
This model significantly boosts negotiation power with factories and distributors, offering customers discounts ranging from 20% to 35% compared to prevailing market prices.
SHATIB is focused on developing technology-driven solutions that enhance procurement efficiency, reduce costs, and improve purchasing operations across the construction ecosystem.
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