Mazadak, a pioneering technology platform, has recently achieved a significant financial boost by securing an investment of SAR 37.5 million (approximately $10 million). This funding round was helmed by Revival Lab alongside a group of family offices, signaling a notable advancement in the modernization of auction experiences within Saudi Arabia.
The capital injection is a testament to Mazadak’s commitment to fostering innovation in the auction domain. It aims to refine auction procedures and unveil state-of-the-art online auction features, including the integration of artificial intelligence (AI).
His Royal Highness Prince Sultan bin Abdullah bin Abdulaziz Al Saud, at the helm of Alpha Gulf Auctions Company “Mazadak” as the Chairman of the Board of Directors and Founder, outlined ambitions to venture into new market territories. This strategy is set to unfold in conjunction with future investment initiatives and aligns with key global technology expos.
Mohammed Al-Maghlouth, the CEO and co-founder of Revival Lab, emphasized the synergy between the investment and their enterprise, Uptern Ventures. Uptern Ventures aspires to be at the forefront of establishing innovative business frameworks within the realms of e-commerce, supply chain operations, and inventory management.
The integration of advanced AI into Mazadak’s platform is anticipated to redefine auction techniques, meeting the dynamic needs of customers. The technological enhancements aim to provide a more streamlined and efficient auction experience, aligning with the evolving landscape of digital commerce.