Saudi Aramco’s early-stage venture fund, Wa’ed Ventures, and Japanese conglomerate Sumitomo Corp. have invested in Saudi consumer electronics startup Zension Technologies, bucking the downward trend in fundraising across the Middle East.
Riyadh-based Zension secured $30 million in a Series A funding round led by Wa’ed Ventures, with participation from Sumitomo and Dubai-based Global Ventures, as stated in an official release.
While Middle Eastern startups saw a 29% decline in funding last year, raising $1.5 billion according to private capital data firm Magnitt, Saudi Arabia stood out as a key growth area, accounting for nearly half of the region’s VC investments in 2024.
Zension provides customers with warranties, buy-back programs, and subscription-based technology upgrades for their devices. This model extends the lifespan of smartphones, contributing to waste reduction in Saudi Arabia, the region’s largest economy and mobile market.
By combining innovative services with a focus on sustainability, Zension is well-positioned to address consumer needs and environmental challenges, making it a key player in the Kingdom’s evolving tech ecosystem.
