Riyadh - Sharikat Mubasher: Wa’ed Ventures, the $500 million venture capital (VC) arm of Saudi Aramco, led a $30 million series A funding round for Zension Technologies, the Riyadh-headquartered subscription e-commerce company for consumer tech, with participation from Japanese Sumitomo Corporation and Dubai-based Global Ventures.
This funding will help Zension offer customers a new way to buy, own, and upgrade their devices through its new vertical Zaam, the company announced in a press release.
Zaam offers customers the chance to upgrade and experiment with new or different models, switch regularly, and enjoy free repairs, all at a lower price than traditional installment or buy now, pay later plans. Every device in the Zaam ecosystem is automatically repurposed, allowing the maximum residual value to be captured, and this value is then passed back to customers in the form of a low monthly subscription.
Co-founder and CEO of Zension Technologies Khalid Saiduddin emphasized Zension’s mission to drive behaviors that feed into the circular economy by ensuring tech devices can be used for their full, usable life.
“With this new funding, we are elevating our business into a place where we can touch everyday consumers and dramatically shift their way of purchasing and owning their tech devices whilst making the right choice for the environment. Zaam is a win, win for all,” Saiduddin added.
Meanwhile, Acting CEO of Wa’ed Ventures Anas Algahtani, commented: “Investing in sustainability and advancing a circular economy are central to our strategy and our commitment to support the Kingdom’s Vision 2030 targets. Zension’s innovative approach and proven track record in developing scalable solutions that promote environmental responsibility align perfectly with our strategic investment priorities.”
Established in 2016, Zension Technologies is a leading provider of protection, extended warranty, and guaranteed buy-back services for mobile devices and consumer electronics plugged into major retailers, telcos, and OEMs serving Saudi and UAE markets.
Over the last five years, Zension has managed over 1 million service subscriptions across 25 cities, reaching 70% of the GCC population and serving over 300,000 users.