SubsBase, a subscription and recurring revenue management platform, closes its seed round with regional and international support.
SubsBase, the only subscription and recurring revenue management platform catering to the MENA region, has closed its seed round at USD 2.4 million, according to the company.
The round was led by Global Ventures along with HALA Ventures, P1 Ventures, Plus Venture Capital (+VC), Plug and Play, Ingressive Capital, and Camel Ventures and existing investors Falak Startups and Arzan Venture Capital.
SubsBase: Reducing overheads
SubsBase is an Egypt-based cloud-based subscription, recurring revenue, and billing management platform that provides businesses with the collection, operational, analytics, and billing tools required to manage their clients.
SubsBase’s no code / low code platform removes the overheads associated with the diversification of payment forms and providers used by a subscription business’ customers. The platform manages the full subscription lifecycle of invoicing, payments, and notifications and can be easily integrated with existing systems. SubsBase believe that their platform is a catalyst for businesses, helping them acquire and retain customers, and scale rapidly.
SubsBase targets various segments and verticals, including SaaS companies, lending companies and real estate companies.
Growth and development
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.”
The newly raised funds will be used to accelerate product development to cater to rapidly increasing customer demands and support expansion across the MENA region. SubsBase will also expand its global and regional integration capabilities and build its educational content and business development support for recurring revenue-based businesses.
Noor Sweid, General Partner at Global Ventures, said, “In SubsBase, we find a company powered by a solid team with a 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.”
Despite a general turndown in FDI in MENA startups in July, Egypt saw investment levels rise.