Saudi Arabia based Kara raises $586,000 in a pre-seed funding round
The capital will be utilised in expanding Kara's customer base, improve its renting platform, and further promote sustainability in the technology landscape.
Saudi Arabia-based device-as-a-service (DaaS) startup has raised $586,000 (SAR 2.2 million) in a pre-seed funding round. The round was led by Falak Investment Hub, Lean Node, and a group of angel investors, as per a press statement shared by Wamda.
The raised capital will be utilised in expanding Kara's customer base, improve its renting platform, as well as further promote sustainability in the technology landscape.
The funding announcement was made during Biban 2023, Saudi Arabia's flagship startup and SME forum.
Founded in 2022, the startup facilitates users to rent refurbished technology electronic devices, and caters to both consumers as well as businesses.
"Its model has the potential to introduce radical changes in the manner in which organizations look into their acquisition mechanism technology," said Abdulrahman Alzaid, Chief Operating Officer of Lean Node.
Biban 2023 was held from March 9 to March 13 at the Riyadh Front Exhibition and Conference Center. The theme of the forum this year was Attract-Connect-Achieve.
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Edited by Kanishk Singh