Subbase is to strengthen its product development, recruit the right talent and expand its presence in the Middle East and North Africa (MENA) region following a successful seed funding round.
The Egyptian cloud-based subscription, recurring revenue and billing management platform closed its latest round of seed funding at $2.4 million and aims to deploy capital to grow its operational footprint.
Founded in 2020, the platform empowers subscription and recurring businesses with access to collection, operations, analytics, and billing tools to effectively manage their customers.
SubsBase’s services are aimed at various customer segments and verticals, such as software-as-a-service (SaaS) companies; credit companies on the recurring recovery of maturities and insurance premiums; and real estate companies on mortgages and utility payments.
Revenue and collection management is an operational challenge that many companies have reported facing; in particular the diversification of payment methods and service providers.
The Company’s no-code/low-code platform removes overhead for businesses by managing the subscription lifecycle of billing, payments and notifications through integration with existing systems.
Removing overhead costs could allow companies to focus more on their core products and services. Through its provision of subscription and recurring payment management solutions, the company describes itself as “a business enabler, helping businesses acquire and retain more customers, and scale quickly without the distraction of overhead.” .
“Companies in the MENA region face unique revenue management challenges,” said sheriff Aziz, co-founder and commercial director of the company. “As the first and only recurring revenue management platform in the MENA region, we are well positioned to take advantage of this, allowing our customers to focus on their core business rather than day-to-day operations, payments and recovery.”
Led by the MEA-focused venture capital firm Global Companiesinvestors participating in the investment round included HALA Companies, P1 Companies and More venture capital (+VC); among others.
The newly raised funds will be deployed to accelerate product development to meet growing customer demands and support the expansion strategy in the MENA region. SubsBase has a first-mover advantage and aims to deploy its platform in the MENA region.
SubsBase will also deploy the funds to expand its global and regional integration capabilities and expand its educational content and business development support for recurring revenue businesses. This will enable, and ultimately promote, market growth.
“The new investment will advance product development, recruit the right talent and expand our footprint in the region. This will significantly strengthen our subscription business in the MENA region,” comments the company’s co-founder and CEO, mohammed farag.
“Our goal is to create a sustainable and profitable ecosystem for subscription-based businesses, and to provide both unique value and cutting-edge technology.”