Saudi Arabia-based auction marketplace Mazadak has secured a SAR 37.5 million ($10 million U.S.) investment, led by Revival Lab.

Founded in 2021 by Prince Sultan bin Abdullah bin Abdulaziz Al Saud, the app is designed to connect buyers and sellers in Saudi Arabia to trade a wide array of items including cars, watches etc.

It operates sealed auctions, in which no parties are aware of bids made by rivals until the auction ends, ensuring confidentiality. It also provides inspection reports and high quality pictures of all items for interested parties. 

“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 specializing in technology,” said Al Saud, who is also chairman of the board of directors.

CEO and co-founder of Revival Lab, Mohammed Al Maghlouth, added, “We are happy with this investment, through which we seek to integrate with our new initiative Uptern Ventures, which aims to develop new business models in the fields of e-commerce, supply chains and inventory management.” 

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