Lawazem, operational procurement company, raised $1.3m in a Seed round. The round was led by Merak Capital, with participation from Merced.
Lawazem was founded in 2020 by Abdulhakim Albisher and Nasser Alshaya as a B2B mall and a one-stop-shop for all business procurement needs, ranging from VIP guest services to office stationery. The startup offers a broad range of services and products to choose from, decreasing the time, effort, and costs of reactive operational procurement.
“We at Lawazem are proud to have been able in our short time of operation to be a reliable partner to our many business clients supporting their organizations’ operational needs while focusing on increasing the efficiency of their operational procurement as the process is typically expensive and time consuming. This investment round comes at an early stage of Lawazem’s journey, and it will be pivotal for us as we move to further develop and enhance our technology as well as help in establishing the needed infrastructure to address the ever-growing demand for our products and services,” Abdulhakim Albeshir, Co-founder and CEO of Lawazem, stated.
This investment will enable Lawazem to expand its staff, marketing initiatives, and technology capabilities.
“The market of operational procurement is largely done manually with little to no technology infrastructure. Lawazem is poised to be the technology-enabled disruptor for this vertical. With an extensively experienced team in Abdulhakim and Nasser, an impressive growth record as well as a huge potential and market opportunity we saw in Lawazem what we look for in our portfolio companies; a great opportunity being executed by an exceptional team,” Ahmed AlJabreen, Partner at Merak Capital, said.
Also read: E-commerce and logistics solutions Kaya raises $2.6m in Seed funding
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