SubsBase, an Egypt-based startup that help businesses manage their books and business operations (such as invoicing, payments, and notifications), has raised $2.4 million in its seed funding round.
The funding round had leading participation from Global Ventures (a venture capital company focused on the Middle East and Africa). Other investment firms that participated in the fundraise include HALA Ventures, P1 Ventures, Plus Venture Capital (+VC), Plug and Play, Ingressive Capital, and Camel Ventures. Returning investors like Falak Startups, and Arzan Venture Capital were among the additional investors who took part in SubsBase’s seed funding.
SubsBase prides itself as the first, and only platform that manages subscription and recurring revenue in the MENA (Middle East and North Africa) region. The company, which is a cloud-based platform, helps subscription and recurring revenue-based businesses with the collection, operational, analytics, invoicing, and billing tools to manage their clients efficiently.
“The problem these businesses face, even huge enterprise accounts, is that they have many people doing all the work manually and data is delayed one or two weeks from the date of actual payments, and that leads to loss of revenue. So once we jump in, we solve these problems by giving them one single tool and platform to use where everything is aggregated and real-time, allowing them to see and have a more visible outcome on their business, but also predict what’s going to happen and focus on their product instead of all of [those] operation headaches,” Mohamed Farag, SubsBase co-founder and CEO told TechCrunch.
SubsBase said it will use the funds to expand its operations across across the MENA region. It plans to push out marketing and educational content and podcasts, educating the market on the subscription economy and how it works. SubsBase will also use the funds to hire able hands to fill its operational sales team, direct sales team, customer success team, and business development team.
“We are growing the team and resources to be able to cater to the demands we are seeing across the region. We prioritize problems in a manner that helps them grow and catalyze the market with no-code features from one side of integration with other no-code platforms seamlessly, so that people can, and are encouraged to start building businesses with subscription models,” Business Officer, Sherif Aziz, said.
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SubsBase was founded in 2020 by Muhamed Farag and Sheriff Aziz. According to the Farag, SubsBase offers its platform to a variety of consumer segments and industry verticals, like small and medium-sized enterprises (SMEs). SubsBase also offer its services to financial institutions, insurance providers, real estate firms, and online retailers that accept recurring payments. The company, according to Farag, has maintain a 200% month-to-month growth rate since it officially began operations in 2021.