Zension Technologies, based in Riyadh, has raised a Series A round of $30 million, led by Wa’ed Ventures, the $500 million venture capital arm of Saudi Aramco. The round also saw participation from Sumitomo Corporation and Dubai-based Global Ventures. This marks Sumitomo’s first investment in the GCC region.
Zension provides protection, extended warranty, and guaranteed buy-back services for mobile devices and consumer electronics across Saudi Arabia and the UAE. With the new funding, Zension will launch Zaam, a subscription-based service for personal tech devices like smartphones, wearables, laptops, and headphones. Zaam offers flexibility by allowing users to upgrade, switch, and receive free repairs—all at a lower cost than traditional installment or “buy now, pay later” plans.
Zaam’s pricing engine uses real-time data and predictive analytics to forecast upgrade behavior and determine a device’s residual value, creating a circular ecosystem. This model enables the repurposing of devices to maximize their lifespan, offering an environmentally ethical choice for consumers. Zaam supports the transition from a linear economy, which encourages a “buy-use-discard” mentality, to a circular economy, promoting sustainability and reducing e-waste.
The GCC, especially Saudi Arabia, has one of the world’s fastest tech upgrade cycles, contributing to a significant e-waste challenge. With over 15 million smartphones sold annually in Saudi Arabia alone, Zension’s innovative model addresses the growing concerns over e-waste and climate change while aligning with the Kingdom’s Vision 2030 sustainability goals.
Khalid Saiduddin, Co-Founder and CEO of Zension Technologies, emphasized the company’s mission to extend the usable life of tech devices and reduce global e-waste. Zension aims to shift consumer behavior by offering affordable tech upgrades and contributing positively to the circular economy.
Anas Algahtani, Acting CEO of Wa’ed Ventures, highlighted the alignment of Zension’s vision with Saudi Arabia’s sustainability goals, expressing excitement to support Zension’s expansion across the region.
