Saudi-Based Bidding Platform Mazadak Secures $10 Million Investment

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

“The investment round will be among several upcoming rounds with the aim of expanding to new markets, and we are happy to announce this tour takes place during the most prominent international exhibitions specialising in technology,” Prince Sultan bin Abdullah bin Abdulaziz Al Saud, Chairman of the Board of Directors and Founder of Alpha Gulf Auctions Company Mazadak, says.

Founded in 2021 by Prince Sultan bin Abdullah bin Abdulaziz Al Saud, Mazadak aims to simplify the auction process by connecting buyers and sellers through its e-commerce marketplace, advancing auction methodologies through AI-integration.

The platform will operate sealed auctions, during which participants will be unaware of bids made by competing parties until the end of the auction. Mazadak will also provide inspection reports and high quality pictures of all items in the interest of transparency with its clients.