Aramco-backed VC arm Wa’ed Ventures led a USD 30 mn series A round investment in Riyadh-based consumer electronics outfit Zension Technologies, according to a post on X. The round saw participation from Japanese conglomerate Sumitomo Corp. and Dubai-based Global Ventures. This is the first strategic investment that Sumitomo made in the GCC, according to a press release. Founded in 2018, Zension provides customers with warranties, trade-in options, and subscription-based tech upgrade services for their devices.

The pitch: The company aims to extend the lifespan of smartphones. “Smartphones have at least a seven-year lifespan but, on average, are used for just three — and with more than five bn phones being thrown away every year, that’s a big problem to fix,” said Khalid Saiduddin, co-founder and CEO of Zension.

Where is the money going? The funding will be earmarked for launching Zension’s new service, Zaam, which is set to launch before April here and in the UAE. “With Zaam, Zension brings these same benefits to personal tech offering the chance to upgrade and experiment with new or different models, switch regularly and enjoy [no-cost] repairs, all at a lower price than traditional installment or buy now, pay later plans.”

Big market: Zension claims that Saudi Arabia is the largest device market in the region, with over 15 mn smartphones sold annually, while the GCC has the fastest upgrade cycle globally.

IN OTHER STARTUP NEWS-

#1- Saudi buy-now-pay-later (BNPL) startup JeelPay secured a SAR 25 mn investment in a pre-Series A round led by Riyadh-based Joa Capital, Al Jazira Capital and other angel investors, according to a post on X. The capital raised will be used to fund its expansion and develop educational fintech solutions.

About JeelPay: Founded in 2021, JeelPay offers financial solutions in the education sector. Through its "study now, pay later" model, it allows students and parents to pay their tuition fees and other educational expenses by deferred payments.

#2- Singapore-based VC Orbit Startups and PIF-owned Sanabil Investments launched a Saudi-based early-stage startup accelerator, they said in a joint statement. The Sanabil Accelerator by Orbit offers USD 100k in pre-seed funding, a four-month training program, and lifetime access to a network of mentors and investors, focused on high-growth sectors including fintech, healthcare, e-commerce and logistics.

#3- Saudi-based home renovation outfit Revie closed a USD 2.5 mn seed funding round, led by Stryber’s Sanabil Venture Studio, according to a press release. The startup said it will use the funds to scale its operations, and improve customer experience by addressing market pain points like cost uncertainties, delays and quality control.

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