SubsBase, a cloud-based subscription and management platform in the MENA region, has raised $2.40 million in seed funding, according to a recent press release.
Global Ventures led the fundraising transaction, along with HALA Ventures, P1 Ventures, Plus Venture Capital (+VC), Plug and Play, Ingressive Capital, as well as Camel Ventures.
Other investors, including Falak Startups and Arzan Venture Capital, also participated in leading the funding round.
The investment comes in line with SubsBase's strategy to expand its footprint across the MENA region.
Meanwhile, the digital platform will use the proceeds of the fundraising to accelerate product development to meet the increasing demands, in addition to creating its educational content.
Founded in 2020 while being the first of its kind in the MENA region, SubsBase provides subscription and recurring-based businesses with the required tools to manage their clients.
Mohamed Farag, Co-Founder and CEO of SubsBase, noted: “The new investment will advance product development, recruit appropriate talent, and grow our footprint in the region.”
Farag added: “This will significantly strengthen our subscription-based businesses in the MENA region.”
Sherif Aziz, Co-Founder and Chief Business Officer at SubsBase, said: “As the first and only recurring revenue management platform in the MENA region, we are positioned to capitalise on this, empowering