SubsBase Closes $2.4M Seed Round to Accelerate Product Development and Expand Across MENA
SubsBase, an Egyptian-based subscription, and recurring revenue management platform, has today announced the closed of a $2.4 million Seed round led by Global Ventures, a leading MEA-focused venture capital firm to accelerate product development and support the expansion strategy across MENA.
Other investors who participated in Egypt’s foremost and only subscription and recurring revenue management platform 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.
SubsBase’s no-code / low-code platform eliminates overhead for businesses by managing the entire subscription lifecycle of invoicing, payments, and notifications. An additional, tangible benefit is that SubsBase’s platform integrates easily with its clients’ existing systems.
Since its inception, the Wamda X program’s graduate has been growing by 200% month after month. It also has a subscription-based business model; clients can choose from three different plans with fixed fees.
What SubsBase Founders are Saying
Mohamed M. Farag, co-founder, and CEO of SubsBase commented on the round, saying, “At SubsBase, our strategy is to empower companies to grow different and sustainable business models and add more recurring revenue streams. Our cutting-edge platform has an immediate impact on clients, catalyzing new subscription-based growth. The new investment will help to advance product development, attract qualified talent, and expand our presence in the region. This will significantly strengthen our subscription-based businesses in the Middle East and North Africa.”
“We have a first-mover advantage and a strong business model, which our esteemed investors support.” “We want to build a long-term, profitable ecosystem for subscription-based businesses that provide both unique value and best-in-class technology,” he added.
SubsBase will also use the funds to expand its global and regional integration capabilities, as well as its educational content and business development support for businesses with recurring revenue. This will enable, and ultimately promote, market growth.
Sherif Aziz, co-founder and Chief Business Officer at SubsBase, added, “We are thrilled to have the support of Global Ventures, as well as new and existing investors.” This is a moment of pride for the entire team. It validates our business model and strategy, as well as allows us to tap into their wealth of knowledge and benefit from their exceptional regional expertise.”
“Businesses in MENA face unique challenges with revenue management. WE are capitalizing on being the first and only recurring revenue management platform in the MENA region to empower our customers to focus on their core business instead of day-to-day operations, payments, and collection. We are very excited for our next stage of growth and what the future holds,” Aziz concluded.
SubsBase Team
What the Investors are Saying
Noor Sweid, General Partner at Global Ventures said “SubsBase is a company that is driven by a strong team with a clear vision and a wealth of technical and commercial experience. Importantly, we see an appealing and distinct value proposition that extends beyond subscription services to include a comprehensive and user-friendly platform for managing all types of recurring payments, from small subscriptions to car loans. We are delighted to support Mohamed and his team on their journey to create the region’s first subscription management platform.”
While Hasan Haider, Founder and Managing Partner at +VC, explained “Our mission at +VC is to back missionary founders. Sherif and Farag are experienced, and outstanding founders and we are impressed with the dedication and hard work of the team. The need for a subscription management platform is significant across the region, we are confident that SubsBase is providing the right product and will stand out as a pioneer in the subscription management solutions space in the MENA region. We are excited to collaborate with SubsBase and look forward to a great future for the company.”
Also, Maya Famodou, Founder and Managing Partner at Ingressive Capital, remarked “This is a market opportunity with global TAM from day one. Sherif and Farag are a dream team, with the ideal combination of Pan-African business acumen, and technical experience. This is the first Egyptian company that we have backed and though it won’t be our last, this says something about the company. If they can’t crack this market, nobody can.”
About SubsBase
Mohamed M. Farag and Sherif Aziz founded SubsBase in 2020 as a cloud-based subscription, recurring revenue, and billing management platform that provides collection, operational, analytics, and billing tools to subscription and recurring-based businesses.
Because SubsBase eliminates subscriber lifecycle management overhead, businesses can concentrate on their core products and services. SubsBase is a catalyst for businesses, assisting them in acquiring and retaining more customers, as well as scaling quickly without the overhead distraction.
SubsBase works with a variety of customer segments and verticals, including SaaS companies, lending companies for the collection of recurring installments and insurance premiums, and real estate companies for mortgages and utility payments.