Mazadak's Innovation Drive: $10 Million Investment Fuels Auction Revolution

Mazadak's Innovation Drive: $10 Million Investment Fuels Auction Revolution

By Staff Writer, 12 March 2024

Saudi Arabian technology platform Mazadak has secured SAR 37.5 million ($10 million) in funding, led by Revival Lab and a consortium of family offices, in a move set to revolutionize the auction experience in the kingdom.

This significant investment underscores Mazadak's unwavering dedication to innovation, as it seeks to enhance auction processes and introduce cutting-edge online auction capabilities.

With the integration of artificial intelligence (AI) technologies, Mazadak aims to redefine auction methodologies and meet the evolving needs of its clientele.

Chairman of the Board of Directors and Founder of Mazadak, His Royal Highness Prince Sultan bin Abdullah bin Abdulaziz Al Saud, revealed ambitious plans for the platform's expansion into new markets.

These plans coincide with forthcoming investment rounds and will be accompanied by participation in major international technology exhibitions.

Commenting on the investment, Mohammed Al-Maghlouth, CEO, and co-founder of Revival Lab, emphasized its synergy with their Uptern Ventures initiative.

Uptern Ventures is dedicated to spearheading innovative business models across e-commerce, supply chains, and inventory management, aligning perfectly with Mazadak's vision for transformation in the auction industry.

Source: Waya Media

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