Riyadh - Sharikat Mubasher: The Saudi-based Alpha Gulf Auctions Company (Mazadak) secured SAR 37.5 million in a funding round on the sidelines of LEAP 2024.
The round was led by Revival Lab and a group of family offices.
This investment underscores Mazadak’s commitment to innovation and scaling auction methodologies by integrating artificial intelligence (AI) technologies to meet the growing needs of customers.
Sultan Al Saud, Chairman of the Board of Directors and Founder of Mazadak, stated that this investment round will be followed by a series of other rounds that back the company’s strategy to enter into new markets.
For his part, Mohammed Al-Maghlouth, CEO and Co-founder of Revival Lab, commented: “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.”
Mazadak simplifies the auction process while eliminating uncertainty and hidden fees and offering a secure and reliable e-commerce marketplace spanning various product categories.
LEAP 2024 took place in Riyadh from 4 to 7 March with the participation of over 600 startups and more than 1,800 global tech exhibitors. Over four days, it welcomed more than 215,000 attendees and witnessed the signing of significant deals worth billions of dollars.
