Saudi Arabia-based operational procurement company, Lawazem has raised $1.3 million in seed funding round to boost its technology and add more products to its portfolio.
The round was led by Merak Capital, a technology investment firm licensed by the Capital Market Authority of Saudi Arabia, with participation from Merced, a Saudi VC company that covers a variety of sectors across the Middle East.
Founded in 2020, Lawazem is a business-to-business company that offers a broad range of services and products to its customers, decreasing the time, effort, and costs of reactive operational procurement.
“We are proud to have been able in our short time of operation to be a reliable partner to our many business clients supporting their organizations’ operational needs while focusing on increasing the efficiency of their operational procurement as the process is typically expensive and time-consuming. More than 100 organizations, both private and government, are using Lawazem to fulfill their operational needs and accessing Lawazem’s extensive catalog supported by our partners and vendors. This investment round comes at an early stage of Lawazem’s journey, and it will be pivotal for us as we move to further develop and enhance our technology as well as help in establishing the needed infrastructure to address the ever-growing demand for our products and services.”
Mr. Nasser Alshaya, co-founder and COO of Lawazem said that, “At Lawazem, we are happy to support local companies and local content to have a wider reach to business clients. We are proud of the partnerships we’ve made and we will continue to partner with local content providers.”
“The market of operational procurement is largely done manually with little to no technology infrastructure. Lawazem is poised to be the technology-enabled disruptor for this vertical,” noted Mr. Ahmed AlJabreen, partner at Merak Capital.