SubsBase, a subscription management platform, announced that it has raised $2.4 million to scale its activities across the Middle East and North Africa (MENA). The seed funding round was led by Global Ventures, a Middle East and Africa-focused venture capital firm with other participating investors including HALA Ventures, P1 Ventures, Plus Venture Capital (+VC), Plug and Play, Ingressive Capital, Camel Ventures, Falak Startups and Arzan Venture Capital
Founded in 2020 by Mohamed Farag, Sherif Aziz, SubsBase is a cloud-based subscription, recurring revenue, and billing management platform, that empowers subscription and recurring-based businesses with the collection, operational, analytics, and billing tools to efficiently manage their clients.
SubsBase says the newly raised funds will be used to “accelerate product development to cater to rapidly increasing customer demands and support the expansion strategy across the MENA region.” It will also deploy the funds to develop its global and regional integration capabilities and build its educational content and business development support for recurring revenue-based businesses. This will enable, and ultimately promote, growth in the market.
Mohamed M. Farag, co-founder and Chief Executive Officer at SubsBase, commented: “At SubsBase, our strategy is to empower companies to grow different and sustainable business models and add more recurring revenue streams. Our innovative platform immediately impacts clients, acting as a catalyst for new subscription-based growth. The new investment will advance product development, recruit appropriate talent, and grow our footprint in the region. This will significantly strengthen our subscription-based businesses in the MENA region.
“We have a first-mover advantage and a strong business model – which is endorsed by our esteemed investors. Our aim is to create a sustainable, profitable ecosystem for subscription-based businesses, and deliver both unique value and best-in-class technology.”
Sherif Aziz, co-founder and Chief Business Officer at SubsBase, said: “We are delighted to have the backing of Global Ventures plus new and existing investors. This is a proud moment for the entire team. It validates our business model and strategy and allows us to tap into their wealth of knowledge, and benefit from their outstanding regional expertise.
“Businesses in MENA face unique challenges with revenue management. As the first and only recurring revenue management platform in the MENA region, we are positioned to capitalize on this, empowering our customers to focus on their core business instead of day-to-day operations, payments, and collection. We are very excited for our next stage of growth and what the future holds.”
Noor Sweid, General Partner at Global Ventures, said: “In SubsBase, we find a company powered by a solid team with strong vision and a wealth of technical and commercial experience. Importantly, we see an attractive and unique value proposition that extends beyond subscription services to include an all-encompassing and convenient platform to manage any and all kinds of recurring payments, from small subscriptions to car loans. We are thrilled to back Mohamed and the team on their journey toward building the first subscription management platform for the region.”
