SubsBase, An Egyptian Business Management Startup Secures $2.4m In Seed Funding

SubsBase, an Egyptian startup helping businesses manage their books and business operations such as invoicing, payments, and notifications, has raised $2.4 million in seed funding. While the round was led by VC firm Global Ventures, it saw the participation of new investors like HALA Ventures, P1 Ventures, Plus Venture Capital (+VC), Plug and Play, Ingressive Capital, Camel Ventures, and existing investors Falak Startups and Arzan Venture Capital.

SubsBase is a self-acclaimed first and only subscription and recurring revenue management platform focused on the Middle East and North Africa (MENA) region. The platform which is cloud-based assists subscription and recurring-based businesses by providing the tools needed for collection, operation, analytics, invoicing, and billing to manage their clients efficiently.

In an issued statement, the startup said that its operational system helps clients to simplify and store information in an organized manner while integrating multiple software from third parties, and automating billing and invoicing of subscriptions. “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,” Co-founder and CEO Mohamed Farag explained.

He also added that the startup provides its services to different customers across different business segments and verticals. They include Lenders, insurance companies, real estate companies, e-commerce companies, and startups and SMEs which he said are the company’s sweet spot because of their purely SaaS businesses. SubsBase counts companies like Zammit, OLX, Mermaid, and Clakett as some of its clients.

The company has been growing 200 percent month over launch since its launch a year ago, its CEO said. He founded the startup alongside Chief Business Officer Sherif Aziz. SubsBase enjoys little or no competition currently, and shedding light on this as well as the plans for the future its CEO said that “Being localized and as a first-mover, we will be able to help these businesses grow and scale in the market as well as be able to cater to their future needs when they decide to go to other countries or grow operations in other countries. And then from there, we will grow our subscription base as well as enable more businesses to grow.”

The company will be ramping up commercial and branding efforts across the MENA region thanks to the latest funding.  It will also be hiring talents to fill its operational sales, direct sales, customer success, and business development teams, as well as increasing output in marketing and content, including educational content and podcasts, educating the market on the subscription economy and how it works.

“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,” SubsBase’s CEO said. 

“We are thrilled to back Mohamed and the team on their journey toward building the first subscription management platform for the region,” Noor Sweid, General Partner at Global Ventures said.

Source: TechBooky Business