(Bloomberg) -- Saudi Aramco’s early-stage venture fund and Japanese conglomerate Sumitomo Corp. are backing Saudi consumer electronics startup Zension Technologies, defying a drop in fund-raising across the Middle East.
Riyadh-based Zension raised $30 million in a series A Round from Aramco’s Wa’ed Ventures, Sumitomo and Dubai-based Global Ventures, according to a statement.
Middle Eastern startups raised $1.5 billion last year, a 29% decline compared to the previous year, according to a report from private capital data firm Magnitt. Saudi Arabia proved a bright spot, however, attracting almost half of the region’s VC investing in 2024.
Zension offers customers warranties, buy-back services and subscription-based technology upgrades for their devices. The company says its approach helps lengthen the lifespan of smartphones, reducing waste in the region’s largest economy and market for mobiles.
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