Techrar secures $1.6 million investment from Wae'd Ventures
Techrar, the Saudi platform for managing subscriptions, memberships, and recurring billing, has closed an investment round worth $1.6 million, led by Aramco's VC arm (Wa'ed Ventures).
Founded in 2022 by Safwan Saigh, Fawzan Alkhlawi, and Rania Shaker, the company specialises in managing subscriptions, memberships, and recurring bills.
This investment will be directed towards supporting Techrar's ambitious plans in three main areas: team growth, product development, and acquiring new customers.
Press release:
Techrar, the largest Saudi platform for managing subscriptions, memberships, and recurring billing, has announced securing a $1.6 million investment round led by Aramco's VC arm (Wa'ed Ventures).
This move aligns with Techrar's vision to enhance sustainable growth by providing businesses with smart, scalable solutions that improve operations, maximise recurring revenues, and enhance customer experiences.
The investment will be directed toward supporting Techrar's ambitious plans in three key areas:
Team Growth: Attracting unique talent and developing capabilities to ensure continuous high-level service delivery and the adoption of the latest technologies.
Product Development: Investing in innovation, automation, and artificial intelligence, enhancing systems and technologies, and supporting partnerships with major systems in complementary sectors to provide an integrated subscription experience.
Expansion and Customer Acquisition: Strengthening marketing and sales strategies, entering new markets, and expanding the customer base amidst the rapid growth of e-commerce.
Commenting on the development, Techrar's founders stated, 'The world of commerce has undergone a profound transformation. It's no longer just about selling products; it's about providing an exceptional experience from the moment the customer places an order to the completion of the associated services. This philosophy is part of our strategy to build a unified infrastructure that makes subscription management easy for any company, regardless of its size.'
Techrar extends its heartfelt thanks to its creative team, investors, customers, partners, and everyone who has contributed to its success, including family, friends, and government entities, whose constant support has been a source of inspiration.
In conclusion, the statement read: 'We thank God for the achievements we've accomplished. With His grace and blessings, we've overcome many challenges and seized opportunities. With these great privileges come greater responsibilities, and we are committed to building the largest subscription management platform based in Saudi Arabia.'
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