Egypt-based technology start-up SubsBase has raised $2.4 million in a new funding round, as the company aims to improve its offerings and enter new markets.
The investment round, which was led by Global Ventures — a Middle East and Africa-focused venture capital firm. It also saw the participation of other investors, including Hala Ventures, P1 Ventures, Plus Venture Capital, Plug and Play, Ingressive Capital and Camel Ventures.
Existing investors Falak Startups and Arzan Venture Capital were also included.
Founded in 2020, Cairo-headquartered SubsBase is a cloud-based subscription, recurring revenue and billing management platform. It helps subscription and recurring-based businesses with the collection, operational, analytics and billing tools to efficiently manage their clients.
The new proceeds will be used to “accelerate product development to meet rapidly increasing demand” and roll out the platform across Middle East and North Africa region, the company said.
“The new investment will advance product development, recruit appropriate talent and grow our footprint in the region,” Mohamed M Farag, co-founder and chief executive of SubsBase, said.
“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.”
Start-ups have grown exponentially over the past few years as they use innovation to address consumer needs. They increasingly seek funding from global investors to accelerate their development.
Start-ups in Mena neared the record $2 billion mark over 300 transactions in the first half of 2022, growing by 46 per cent year on year, start-up directory Magnitt said last month. This accounted for 62 per cent of total funds raised in the region last year.
SubsBase will also use the new funds to develop its global and regional integration capabilities and build its educational content and business development support for recurring revenue-based businesses, the company said.
“Businesses in Mena face unique challenges with revenue management … we are positioned to capitalise on this, empowering our customers to focus on their core business instead of day-to-day operations, payments and collection,” Sherif Aziz, co-founder and chief business officer at SubsBase, said.
“We are very excited for our next stage of growth and what the future holds.”
