Zension Technologies, a Riyadh-based leader in protection, extended warranties, and buy-back services for consumer electronics, has raised US$ 30 million in a Series A funding round. The investment was led by Wa’ed Ventures, Saudi Aramco’s US$ 500 million venture capital arm, with participation from Japan’s Sumitomo Corporation and Dubai’s Global Ventures. The funding will drive the launch of Zaam, a subscription-based vertical designed to disrupt traditional personal tech ownership.
First GCC investment for Sumitomo Corporation
This marks the first strategic investment in the Gulf Cooperation Council (GCC) region by Sumitomo Corporation, a Japanese conglomerate with over a century of global business expertise. The collaboration underscores the rising prominence of the GCC as a hub for innovation and sustainable business practices.
Empowering consumers through flexibility and sustainability
Zension’s Zaam platform offers a new subscription model for tech devices, including smartphones, laptops, wearables, and more. Customers gain the flexibility to upgrade, switch models, and access free repairs at lower costs than traditional installment or buy-now-pay-later plans. Zaam’s data-driven pricing engine optimizes device lifespans and captures residual value, translating into affordable monthly subscriptions.
Every device in Zaam’s ecosystem is repurposed to maximize its useful life, aligning with the principles of a circular economy. This approach addresses the significant e-waste challenge in the GCC, where the average upgrade cycle for devices is just 12 to 18 months. Saudi Arabia, the region’s largest device market, sells over 15 million smartphones annually, amplifying the need for sustainable solutions.
Driving the circular economy in Saudi Arabia
Zaam’s subscription model not only benefits consumers financially but also encourage environmentally conscious consumption. The platform promotes a shift from the linear “buy-use-discard” economy to one that optimizes technology’s lifespan. This aligns with Saudi Arabia’s Vision 2030 goals to address climate change and reduce fossil fuel dependency.
Future of sustainable tech ownership
Khalid Saiduddin, Co-Founder and CEO of Zension, emphasized the mission of extending tech device usability: “Smartphones have a lifespan of at least seven years but are typically used for just three. Zaam allows consumers to make choices that are financially sound and environmentally responsible, transforming the way people own technology.”
Anas Algahtani, Acting CEO of Wa’ed Ventures, highlighted the strategic alignment: “Zension’s scalable solutions advance sustainability and empower consumers to make eco-conscious decisions. Supporting Zension reflects our commitment to the Kingdom’s Vision 2030 targets.”
New for the regional market
Zension’s data analytics, developed over five years, enable precise predictions of upgrade behaviors, repair needs, and device valuations. The launch of Zaam this month through regional distribution partners is set to make waves in Saudi Arabia and the UAE, offering consumers a practical and ethical alternative to conventional tech ownership.
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