RIYADH: Saudi operational procurement company Lawazem has closed a seed deal valued at $1.3 million, in a round led by the technology investment firm Merak Capital. Founded in 2020, Lawazem is a B2B mall and a one-stop-shop for all business procurement needs, ranging from VIP guest services to office stationery. “More than 100 organizations, private and government, are using Lawazem to fulfill their operational needs and accessing Lawazem’s extensive catalog supported by our partners and vendors,” CEO Abdulhakim Albeshir commented. The investment round will enable the company to further develop and enhance its technology, as well as help in establishing the infrastructure required to address the demand for its products and services. It will allow it to steadily expand its staff, marketing initiatives and technology capabilities. During 2021, the company witnessed an average quarterly growth of 150 percent.