SubsBase, an Egyptian subscription, and recurring revenue management platform has raised US$2.4 million in a preliminary round of funding to boost its growth across the MENA region and to speed up product development.
SubsBase is a cloud-based subscription, recurring revenue, and billing management platform that provides organizations with collection, operational, analytics, and billing solutions to effectively manage their customers. It was founded in 2020 by Mohamed M. Farag and Sherif Aziz.
Due to its no-code or low-code platform, which controls the entire subscription lifecycle, including billing, payments, and alerts, businesses are fully freed from overhead. The platform of SubsBase is also simple to integrate with the current systems of its customers.
The startup has successfully closed its seed round at US$2.4 million. Global Ventures, a renowned venture capital firm with a focus on the MEA, led the round. Along with current backers Falak Startups and Arzan Venture Capital, additional participating investors include HALA Ventures, P1 Ventures, Plus Venture Capital (+VC), Plug & Play, Ingressive Capital, and Camel Ventures.
“At SubsBase, our business goal is to enable organizations to expand various sustainable business models and increase the number of recurring revenue streams. Clients are directly impacted by our cutting-edge platform, which serves as a launchpad for fresh subscription-based expansion. The new investment will speed up product development, bring in qualified personnel, and expand our presence in the area. This will greatly improve our MENA area subscription-based businesses, according to Farag.
We have a first-mover advantage and a solid business plan, and our valued investors support both of these factors. Our goal is to provide both distinctive value and best-in-class technology for subscription-based businesses in a sustainable, lucrative environment.
The money will be used to speed up product development in order to meet the startup’s rapid client demand expansion across the MENA region. Additionally, it intends to improve business development assistance for recurring revenue-based enterprises, expand its training content, and strengthen its regional and worldwide integration skills.
Global Ventures managing partner Noor Sweid described SubsBase as a business driven by a strong team with a clear vision and a plethora of technical and business knowledge.
“Most importantly, we want an all-encompassing and practical platform to manage any and all types of recurring payments, from tiny subscriptions to automobile loans, with an appealing and distinctive value offer that goes beyond subscription services. In their efforts to create the first subscription management platform for the area, Mohamed and the team have our full support, he stated.