SubsBase has raised $2.4 million in seed funding led by Middle East and Africa-focused venture capital firm Global Ventures with participation from 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 cloud-based platform that provides subscription and recurring revenue-based businesses with collecting, operational, analytics, invoicing, and billing solutions to help them manage their clients more efficiently. The company describes itself as the region’s first and only subscription and recurring revenue management platform.
SubsBase’s operating system helps clients to simplify and keep information organized and tasks simple, integrate multiple third-party software applications, and automate subscription billing and invoicing. The platform is provided to startups, SMEs, and other businesses such as lenders, insurance companies, real estate companies, and e-commerce enterprises with recurring payments. Some of its clients are Clakett, Mermaid, OLX, and Zammit.
Sub-Saharan Africa is one of the locations where SubsBase is eager to serve businesses, and it has grown 200% month after month since its formal launch more than a year ago.
With this new investment, the company is also looking to ramp up commercial and branding efforts across MENA. It is hiring for its operational sales, direct sales team, customer success team, and business development team, 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