Riyadh-headquartered Zension has raised $30 million in a Series A round led by Wa’ed Ventures, with participation from Sumitomo Corporation and Global Ventures. The round marks the first strategic investment in the GCC region by the 100-year-old Japanese conglomerate Sumitomo Corporation.
Founded in 2018, Zension currently provides protection, extended warranty, and guaranteed buy-back services for mobile devices and consumer electronics through partnerships with major retailers, telcos, and OEMs in Saudi Arabia and the UAE. The startup plans to use the fresh funds to launch Zaam, a new vertical offering tech devices on subscription.
The company has built its offering using five years of data and analytics on customer behaviors, including insights on upgrade patterns, model preferences, and repair frequencies. Through Zaam, customers will be able to access smartphones, wearables, headphones, and laptops on subscription through third-party distribution partners across the region.
Khalid Saiduddin, Co-Founder and CEO of Zension Technologies, said, “Our mission at Zension is 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.”
The startup’s launch comes at an opportune time as Saudi Arabia represents the region’s largest device market with over 15 million smartphones sold annually. The GCC also has the world’s fastest upgrade cycle at 12-18 months, presenting significant e-waste challenges.
Anas Algahtani, Acting CEO of Wa’ed Ventures, 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.”
The company’s subscription model allows devices to be automatically repurposed, capturing maximum residual value which is passed back to customers through lower monthly fees. Zaam’s pricing engine uses real-time data and predictive analysis to anticipate upgrade behaviors and determine device values throughout their lifecycle. The service is set to launch this month through various distribution partners across the region.
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