Saudi startup Zension secures $30 million in Series A funding for its mobile phone subscription service
In a move that could revolutionise the tech market in the Gulf Cooperation Council (GCC) region, Saudi Arabian tech startup Zension has announced the launch of a new vertical offering: Zaam. This service will provide customers with access to smartphones, wearables, headphones, laptops, and other tech devices on a subscription basis.
Zaam, which is being rolled out through third-party distribution partners, is the latest offering from Zension Technologies, a company headquartered in Riyadh. The startup, which was founded in 2018, has already made a name for itself by providing protection, extended warranty, and guaranteed buy-back services for mobile devices and consumer electronics.
The launch of Zaam comes after Zension raised $30 million in a Series A round, which was led by Wa'ed Ventures, with participation from Sumitomo Corporation and Global Ventures. The funding round marks a significant step for the startup, which plans to use the fresh funds to expand its offerings and make a tangible impact on the region's e-waste challenges.
The GCC region, known for its fast-paced technological advancements, has the world's fastest upgrade cycle, leading to a substantial amount of e-waste. By offering tech devices on a subscription basis, Zaam aims to shift customer purchasing and ownership habits, promoting a more sustainable approach to technology consumption.
Zaam's mission aligns with the company's broader goal of driving behaviours that feed into the circular economy. Khalid Saiduddin, Co-Founder and CEO of Zension Technologies, stated, "Our mission is to make a positive impact on the environment by promoting a more sustainable approach to technology consumption."
Saudi Arabia, the largest device market in the GCC region, sees over 15 million smartphones sold annually. With Zaam's launch, customers in the region will have the opportunity to access the latest tech devices in a more affordable and sustainable manner.
While detailed information about the "Zension Zaam subscription service" specifically tied to the GCC region is not yet widely available, it is expected that the service will follow the standard model of subscription services, offering recurring delivery or access to products in exchange for a regular fee.
For the most accurate and up-to-date information about Zaam and its offerings, it is recommended to check official press releases from Zension Technologies, regional tech/business news outlets, or relevant social media announcements related to Zension and Zaam.
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- Venture-capital firm Wa'ed Ventures, along with Sumitomo Corporation and Global Ventures, have invested $30 million in Zension Technologies, a Saudi Arabian tech startup, to aid its expansion and combat e-waste challenges in the GCC region.
- The new service offering from Zension Technologies, Zaam, intends to revolutionize the tech market in the GCC by providing access to various tech devices, including smartphones, on a subscription basis, fostering a more sustainable approach to technology consumption.
- With the launch of Zaam, customers in the GCC region can invest in the latest technology, including gadgets and smartphones, through a more affordable and sustainable subscription model, promoting a shift in purchasing habits and behaviors aligned with a circular economy.
