Riyadh - Sharikat Mubasher: BIM Ventures, the Saudi venture builder, closed an investment round for the National Auction Platform (SoumTech), according to BIM Ventures' press release.
BIM Ventures did not give further details regarding the round’s type and volume.
A number of investment companies and a group of angel investors from Investors Mine Group participated in the round.
The CEO of SoumTech, Khalid Al-Dossary, said that SoumTech is planning to be the first destination for electronic auctions, adding that the company is a key player in digitizing the real estate auctions.
Founded in March 2023, SoumTech is an online real estate auctioning platform that aims to digitize real estate auctions through providing the auctions on its platform for individuals and corporates. Since inception, the company has achieved sales exceeding SAR 1 billion through selling total spaces of 1.2 million square meters.
BIM Ventures is a Saudi venture builder that help in establishing successful and sustainable enterprises from the ground using its expertise, resources, and network.