Riyadh-based Shatib, a B2B marketplace revolutionising the procurement of construction materials, has successfully closed a $750,000 (SAR 2.8 million) pre-seed funding round. The investment was secured from a strategic angel investor whose identity remains undisclosed.
A Group Buying Model for Construction
Shatib operates on a group buying model, enabling real estate developers and contractors to gain significant cost advantages. By aggregating orders from multiple projects, the platform increases its collective bargaining power with manufacturers and distributors. This innovative approach allows clients to achieve substantial cost savings, reportedly ranging between 20 and 35 percent compared to standard market prices.
Addressing a Market Need
Founded in 2024 by CEO Abdulaziz AlMasoud, Shatib was launched to tackle persistent inefficiencies within the construction industry’s supply chain. AlMasoud leverages his extensive background in supply chain and procurement management to steer the company’s mission. The platform aims to deploy technology-driven solutions that streamline procurement processes, enhance transparency, and drive down costs for all stakeholders in the construction ecosystem.
Fuelling Regional Construction Growth
The fresh injection of capital will be instrumental in further developing Shatib’s technology and expanding its reach within the Kingdom’s booming construction sector. By empowering small and medium-sized contractors with the purchasing power typically reserved for major players, Shatib is positioning itself as a key enabler of efficiency and growth in one of Saudi Arabia’s most vital industries.
About Shatib
Shatib is a Saudi technology platform specialising in group buying for construction materials. Founded in Riyadh, the company provides a B2B marketplace that aggregates demand from developers and contractors to secure competitive pricing from suppliers, thereby reducing project costs and enhancing procurement efficiency.
Source: Wamda
