Tech device bank Revent raises $900,000 pre-Seed round to help SMEs unlock working capital

♻️ Introducing Revent, a tech device bank for SMEs, offering quality pre-owned devices on monthly subscriptions to businesses across the UAE and KSA.

And, they just secured $900,000 in their pre-Seed funding round!

• Co-founded by Baldeep Singh and Dhananjay Choubey in 2022, the start-up recently graduated from The Riyadh Techstars Accelerator programme

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💰 Investor lowdown: The pre-Seed round included prominent angel investors from the e-commerce and SaaS industries, along with Techstars.

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📱 Difficulty scaling

The guys at Revent want to eliminate the high upfront costs of new devices, which hinder SMEs' ability to scale effectively.

According to Revent CEO Baldeep Singh, “There are approximately 2 million SMEs in UAE and Saudi Arabia who are spending up to 22% of their limited capital on depreciating assets like Laptops, Monitors, Phones etc.

“Revent is creating a bank of quality devices and an AI powered virtual IT desk that these SMEs can leverage to reduce their Capex and focus their capital on growth.”

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🤸‍♀️ Keeping things flexible

Revent for Business offers SMEs the flexibility to scale devices as their company grows, without heavy upfront costs.

The benefits? Optimise costs by freeing up valuable capital with reduced upfront expenditures, embrace flexibility by scaling your device needs as your business evolves, and access cutting-edge technology to stay ahead of the curve with reliable, high-quality devices.

• Also, at Revent, each device is expertly checked and renewed. They undergo rigorous standard checks to qualify for listing, and all checks are transparently shared for your peace of mind. Minor issues are fixed by experts, and devices are listed only after passing all quality tests.

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📈 What they’re saying

“Revent offers devices at up to 40% lower cost of ownership to Businesses compared to traditional options and that is one of the reasons for rapid growth of the company”

Vijay Tirathrai, MD, Techstars

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🔮 Flashforward

The fresh funding will be used to build a self-service platform for businesses to manage their devices, pay invoices, and raise support requests for AI-powered IT desk support, as well as to grow the client base in Saudi Arabia.