Riyadh - Mubasher: Saudi startup Zention Technologies has received financial support from Wa’ed Ventures, a fund owned by Saudi Aramco and Japan’s Sumitomo, at a time when funding is declining in the Middle East .

Riyadh-based consumer electronics company Zension has raised $30 million in a Series A funding round through Wa’ed Ventures, according to Bloomberg.

While startups in the Middle East attracted about $1.5 billion last year, recording a 29% decrease compared to 2023, Saudi Arabia showed its strength as a major attraction for investments, as it acquired about half of the investment funding in the field of venture capital in the region during 2024 .

Zention offers its customers a variety of services including warranties, buyback services, and subscription-based technology upgrades for their devices. The company says this approach helps extend the life of smartphones, reducing waste in the region’s largest mobile phone market, and thus helping protect the environment .