Aramco's Wa'ed Ventures Leads $30m Series A for Saudi Tech-Subscription Startup Zension
Wa'ed Ventures led a $30m Series A in Riyadh-based Zension Technologies, joined by Global Ventures and Sumitomo Corporation, to launch a device-subscription platform called Zaam in Saudi Arabia and the UAE.
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Wa'ed Ventures, the venture arm of Saudi Aramco, said it had led a $30m Series A round for Zension Technologies, a Riyadh consumer-electronics startup whose model lets customers access devices for a monthly fee rather than buying them outright. Global Ventures and Japan's Sumitomo Corporation also invested.
Zension said the capital would fund the launch of its subscription platform, Zaam, across Saudi Arabia and the UAE. The round was cited as Sumitomo's first strategic investment in the GCC.