Riyadh-based Zension Technologies has raised US$30 million in a Series A funding round led by Wa’ed Ventures, the US$500 million venture capital arm of Saudi Aramco. This funding also saw participation from Japan’s Sumitomo Corporation and Dubai-based Global Ventures.
Zension offers protection plans, extended warranties, and guaranteed buy-back services for mobile devices and consumer electronics. Its services are integrated with major retailers, telecom providers, and manufacturers across Saudi Arabia and the UAE.
With this fresh funding, the company is introducing Zaam, a new service that allows customers to subscribe to personal tech devices rather than buying them outright.
Instead of paying large upfront costs or committing to long-term contracts, customers can subscribe to their devices at a lower cost. Zaam also includes free repairs and the flexibility to upgrade or switch devices frequently.
The pricing for Zaam subscriptions is powered by Zension’s advanced analytics, which predict customer upgrade behavior and device value over time.
Khalid Saiduddin, Co-Founder and CEO of Zension, shared,
“Our mission is to drive more sustainable behaviors and make tech ownership smarter and greener. Smartphones can last up to seven years, yet they are often replaced within three. Zaam offers consumers an affordable and flexible way to access tech while contributing to a circular economy—it’s a win-win for everyone.”
Anas Algahtani, Acting CEO of Wa’ed Ventures, added,
“Investing in sustainability and the circular economy aligns with our commitment to Saudi Vision 2030. Zension’s innovative approach makes it easier for people to make environmentally conscious and cost-effective choices, and we’re proud to support their growth across the region.”
Featured image credit: edited from freepik
