The first and only subscription and recurring revenue management platform in the MENA area, SubsBase, has announced the successful closing of its Seed round at $2.4 million.
Global Ventures, a renowned venture capital firm with a focus on the MEA, led the financing round. HALA Ventures, P1 Ventures, Plus Venture Capital (+VC), Plug and Play, Ingressive Capital, Camel Ventures, as well as current investors Falak Startups and Arzan Venture Capital, were other participating investors.
“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,” Sherif Aziz, co-founder and Chief Business Officer at SubsBase, said.
The recently raised money will be used to quicken product development in order to meet the quickly rising consumer demand and to support the expansion plan throughout the MENA area. In order to spread its platform throughout MENA, SubsBase plans to capitalise on the first-mover advantage.
Additionally, SubsBase will use the funding to expand its regional and worldwide integration capabilities, as well as to create more business development resources and instructional content for organisations that rely on recurring revenue. In the long run, this will facilitate and encourage market expansion.
Why The Investors Invested
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.”
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Hasan Haider, Founder and Managing Partner at +VC, said: “Our mission at +VC is to back missionary founders. Sherif and Farag are experienced, and outstanding founders and we are impressed with the dedication and hard work of the team. The need for a subscription management platform is significant across the region, we are confident that SubsBase is providing the right product and will stand out as a pioneer in the subscription management solutions space in the MENA region. We are excited to collaborate with SubsBase and look forward to a great future for the company.”
Maya Famodou, Founder and Managing Partner at Ingressive Capital, said: “This is a market opportunity with global TAM from day one. Sherif and Farag are a dream team, with the ideal combination of Pan-African business acumen, and technical experience. This is the first Egyptian company that we have backed and though it won’t be our last, this says something about the company. If they can’t crack this market, nobody can.”
A Look At What SubsBase Does
SubsBase is a cloud-based subscription, recurring revenue, and billing management platform that was established in 2020 by Mohamed M. Farag and Sherif Aziz. It provides subscription and recurring-based businesses with the collection, operational, analytics, and billing tools they need to effectively manage their customers.
The operational problem of managing revenues and collection — specifically, the diversity of payment methods and service providers — faces all enterprises. The no-code/low-code platform from SubsBase entirely eliminates cost for businesses by taking care of all aspects of the subscription lifecycle, including billing, payments, and alerts. The platform of SubsBase’s clients’ existing systems may be readily integrated, which is an additional, tangible benefit.
Businesses are able to concentrate on their core goods and services because to SubsBase’s elimination of the subscriber lifetime management burden. SubsBase acts as a catalyst for businesses by providing full subscription and recurring payments management solutions. This aids in increasing client acquisition and retention as well as enabling companies grow quickly without being hampered by overhead.
SubsBase works with a variety of clientele and industry verticals, including SaaS firms, lending institutions for the ongoing collection of instalment payments and insurance premiums, and real estate firms for the ongoing collection of mortgages and utilities bills.
“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,” Mohamed M. Farag, co-founder and Chief Executive Officer at SubsBase, said.
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Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh