– Mazadak secures US$10 million investment led by Revival Lab and family offices, marking a significant milestone in redefining the auction experience in Saudi Arabia.

– The investment reflects Mazadak’s dedication to innovation, aiming to enhance auction processes and introduce advanced online auction capabilities, including AI integration.

– His Royal Highness Prince Sultan bin Abdullah bin Abdulaziz Al Saud emphasizes plans for expansion into new markets, coinciding with major international technology exhibitions, while Mohammed Al-Maghlouth of Revival Lab highlights alignment with their initiative, Uptern Ventures, focusing on pioneering new business models in e-commerce and supply chains.

Mazadak, a technology platform revolutionizing the auction experience in Saudi Arabia, has secured SAR 37.5 million ($10 million) in funding led by Revival Lab and a consortium of family offices.

This investment marks Mazadak’s commitment to continuous innovation, aiming to enhance auction processes and introduce new online auction capabilities.

The integration of AI technologies is poised to elevate auction methodologies and cater to evolving customer demands.

His Royal Highness Prince Sultan bin Abdullah bin Abdulaziz Al Saud, Chairman of the Board of Directors and Founder of Alpha Gulf Auctions Company “Mazadak,” expressed plans for expanding into new markets through upcoming investment rounds, coinciding with significant international technology exhibitions.

Mohammed Al-Maghlouth, CEO and co-founder of Revival Lab, highlighted the investment’s alignment with their initiative, Uptern Ventures, focused on pioneering new business models in e-commerce, supply chains, and inventory management.