Lawazem, an operating procurement company, closed a seed agreement worth $1.3million. Merak Capital, a Saudi technology investment company licensed by Capital Market Authority of Saudi Arabia led the round. Merced was also involved. Merced is a Saudi VC firm that covers a range of Middle East sectors.
Lawazem was established in 2020 by Abdulhakim Albisher, Nasser Alshaya and combines more than 20 years experience in procurement, contracting and management to provide top-of-the-line services to large and medium-sized organizations throughout the Kingdom. This includes corporations, government businesses, as well as non-profit organizations.
Lawazem is a ‘B2B mall’ and a ‘one-stop-shop’ for all business procurement needs, ranging from VIP guest services to office stationery. Lawazem offers businesses a wide range of products and services, which reduces the effort and cost of reactive operational procurement.
Abdulhakim Albeshir (Co-founder and CEO at Lawazem) commented:
“We at Lawazem 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. Lawazem, a unique B2B model specifically designed for operations procurement in medium-sized to large companies, is innovative. More than 100 organizations, private and government, are using Lawazem to fulfill their operational needs and access 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.”
Nasser Alshaya (Co-founder, COO of Lawazem) was also added:
“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 made and we will continue to partner with local content providers.”
Lawazem will continue to grow its marketing efforts, staff and technology capabilities with the Merak Capital investment. In 2021, the company saw an average quarterly growth rate of 150% and is well on its way towards becoming the premier platform for all operational procurement in Saudi Arabia and elsewhere.
Ahmed AlJabreen, Partner at Merak Capital commented: “The market of operational procurement is largely done manually with little to no technology infrastructure. Lawazem has the potential to become the technology-enabled disruptor in this sector. With an extensively experienced team in Abdulhakim and Nasser, an impressive growth record as well as huge potential and market opportunity we saw in Lawazem what we look for in our portfolio companies; a great opportunity being executed by an exceptional team.”
“Merak Capital aims to partner with the builders of tomorrow in leading the region’s transformation, unlocking new markets and opportunities for growth, where technological innovation, fueled by the entrepreneurial spirit, shapes our future,” added Ahmed AlJabreen