Saudi-based Alpha Gulf Auctions Company, known as Mazadak, a leading social commerce platform, has announced closing a $10 million investment round successfully led by Saudi venture builder Revival Lab and a group of family offices from the region.
Prince Sultan bin Abdullah bin Abdulaziz Al-Saud, chairman and founder of Mazadak, said that the round is part of the company’s investment and funding strategy to support its expansion plan. “We are indeed happy that the current funding arrangement has been closed during LEAP 2024, the leading international specialized technology exhibition,” he added.
Commenting on the investment, Mohammed Al-Maghlouth, CEO and co-founder of Revival Lab, said: “We are looking at integrating this with our new initiative, Upturn Ventures, which is in the domain of developing new business models in the fields of e-commerce, supply chains and inventory management.”
Mazadak has been working on creating automated auctions driven by artificial intelligence. Taking into account customer preferences and purchasing behavior, it offers appropriate futuristic and advanced auctions.
The Mazadak platform also provides a live auction service through live streaming technology, which was showcased at the company’s interactive pavilion at LEAP. At the tech expo, the company conducted live auctions for a group of rare cars, which were broadcast live across several countries.
Mazadak also provides a special platform for B2B businesses, where companies are able to sell their products with ease and transparency through a closed envelope system. Earlier, Mazadak managed digital auctions for governmental and private companies, with a value exceeding SR70 million ($18.6 million) during the trial period of the closed envelope system.
