Riyadh – Mubasher: Wa’ed Ventures, the $500 million venture capital arm of Aramco, led a funding round for consumer electronics startup Zension Technologies.
Zension secured $30 million in a series A Round to launch its new business vertical Zaam and drive expansion in the GCC region, according to the company’s statement.
Zaam will provide customers with a new way to purchase and own their tech devices.
The buy-back services and subscription-based technology upgrades aim to lengthen the lifespan of smartphones. This is in addition to lowering waste in the region’s largest economy and market for mobiles.
Khalid Saiduddin, Co-Founder and CEO of Zension Technologies, commented: “Smartphones have at least a seven-year lifespan but, on average, are used for just three—and with more than five billion phones being thrown away every year, that’s a big problem to fix."
"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," Saiduddin mentioned.
Anas Algahtani, Acting CEO of Wa’ed Ventures, said: “Investing in sustainability and advancing a circular economy is central to our strategy and our commitment to support the Kingdom’s Vision 2030 targets."
Last month, Wa’ed Ventures led edtech YNMO’s $5 million investment to expand its services and introduce new features.
