Egyptian subscription and recurring revenue management platform SubsBase has raised a US$2.4 million seed round of funding to accelerate product development and support its expansion across the MENA region.
Founded in 2020 by Mohamed M. Farag and Sherif Aziz, SubsBase is a cloud-based subscription, recurring revenue, and billing management platform that helps businesses with collection, operational, analytics, and billing tools to efficiently manage their clients.
Its no code / low code platform removes the overhead for companies completely by managing the full subscription lifecycle of invoicing, payments, and notifications. SubsBase’s platform also easily integrates with its clients’ existing systems.
The startup has successfully closed its seed round at US$2.4 million, with the round led by Global Ventures, a leading MEA-focused venture capital firm. Other participating investors include HALA Ventures, P1 Ventures, Plus Venture Capital (+VC), Plug and Play, Ingressive Capital, and Camel Ventures, as well as existing investors Falak Startups and Arzan Venture Capital.
“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,” Farag 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.”
The funds will be deployed to accelerate product development to cater to rapidly increasing customer demands and support the startup’s expansion across the MENA region. It also plans to develop 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 SubsBase was 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,” he said.