Led · Equity · Mar 2024

Mazadak is a technology platform that digitizes and enhances the auction experience by connecting buyers and sellers across Saudi Arabia. The company emphasizes internet bidding and is integrating AI to improve auction methodologies and meet changing customer needs. Mazadak recently secured SAR 37.5 million (about $10 million) in a funding round led by Revival Lab alongside a group of family offices. Leadership indicated the capital will support product development, continued innovation in auction facilitation, and expansion into new markets through additional upcoming rounds. Revival Lab plans to integrate Mazadak with its Uptern Ventures initiative to develop new business models in e-commerce, supply chains, and inventory management. The fundraise was announced as the company steps into a new phase of online bidding during prominent international technology exhibitions.