SubsBase, an Egyptian subscription and recurring revenue management platform, has raised US$2.4 million in a seed round of funding to boost its growth across the MENA region and to speed up product development.
Global Ventures, a renowned venture capital firm with a focus on the MEA, led the funding 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.
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.
“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.
The funding will be used to speed up product development in order to meet the startup’s rapid client demand expansion across the MENA region.
The company also intends to expand its capabilities for regional and worldwide integration, as well as its training content and business development support for firms with recurring revenue.