Saudi Arabia-based bidding platform Mazadak has secured $10 million in funding, led by Revival Lab and a group of family offices.


Saudi’s bidding platform Mazadak has raised an amount of $10 million in a funding round led by Revival Lab and a group of offices. Founded by Prince Sultan bin Abdullah bin Abdulaziz Al Saud in the year 2021, Mazadak serves as an easier platform for the auction process through its innovative e-commerce marketplace. The recent investment of a capital fund of SAR 37.5 million ($10 million), highlights the company’s commitment to transforming the online auction landscape and enriching experience. The platform aims to enhance transparency and efficiency in the bidding process by immaculate interaction & engagement between the buyers and sellers in Saudi Arabia. 

The recent funding round marks a significant milestone in Mazadak’s journey towards expanding its presence in new markets. Possessing an objective solely on continuous improvement and innovation, the bidding firm is barking itself to step into a new era of online auctions. The investment received will help the platform integrate cutting-edge AI technology, and assist in meeting the ever-changing needs of its customers. 

His Royal Highness Prince Sultan bin Abdullah bin Abdulaziz Al Saud, the Chairman of the Board of Directors and Founder of Alpha Gulf Auctions Company expressed his thoughts on the investment round, highlighting the platform’s commitment to innovation. 

Furthermore, he said that this funding round is only the beginning of the forthcoming rounds aimed at supporting Mazadak’s expansion into new markets. Prince Sultan bin Abdullah bin Abdulaziz Al Saud announced the news during prominent international tech exhibits, underscoring the company’s dedication to staying at the forefront of technological advancements in the auction industry. 

Meanwhile, Mohammed Al-Maghlouth, the CEO and co-founder of Revival Lab, supported Prince Sultan’s thoughts as he expressed his satisfaction with the investment. Al-Maghlouth highlighted the strategic alignment between the investment in Mazadak and Revival Lab’s Uptern Ventures. This funding assists in developing innovative business models in e-commerce, supply chains, and inventory management, further strengthening Mazadak’s position as a pioneer in the auction industry. 

Mazadak’s successful finding round represents a significant step forward in its mission to reshape the landscape of the auction experience. Backed by the support of Revival Lab and other investors, Mazadak is well-positioned to drive innovation and expansion in the auction industry, ushering in a new era of online bidding. 

About Revival Lab

Revival Lab is an investment firm specializing in funding and development of technology-based startup companies. Revival Lab is a pioneering Saudi-based Venture Builder whose aim is to create the businesses of tomorrow. The company collaborated with ambitious entrepreneurs who are passionate about developing futuristic technologies and establishing laser-focused business strategies. On top of that, Revival Lab excels in crafting innovative commercialization and go-to-market plans. 

The expertise of this company lies in expanding the future of business tycoons, and they are dedicated to building rapid technology development with a faster go-to-market approach. They validate businesses using data-driven insights, helping them last and fine-tune their offerings. Revival Lab also encourages the creation of innovative and disruptive business models. 

The portfolio includes impressive companies such as Kaya, United Fintactics, Shop it, Travel it, Pocket Up, DownTown, and Aynma. If you are interested in making a scalable impact, Revival Lab invites potential partners to join their ever-growing journey. Discover the potential of tomorrow with Revival Lab