• Saudi Arabia-based device-as-a-service (DaaS) startup Kara, has raised $586,000 (SAR 2.2 million) pre-Seed round led by Falak Investment Hub, Lean Node, and a group of angel investors.
• The announcement was made during the Biban 2023 event, recently held in Riyadh.
• Founded in 2022 by Saad Zaitoui, Kara lets users rent refurbished tech electronic devices, catering to both consumers and businesses. 
• The freshly acquired funds will help Klara grow its customer base, improve its platform, and continue to promote sustainability in the technology industry. 

Press release 

Kara, a startup that specializes in providing renting services for consumer electronic devices to institutions, announced today the closing of its first investment round in the pre-seed stage, at a value of SAR 2.2 million, with the support of Falak Investment Hub, Lean Node, and a group of angel investors.

Adwa AlDakheel, CEO of Falak Investment Hub, expressed her happiness with this successful round and said, “We are proud to have played such an important role in Kara’s journey and can’t wait to see them continue to make a positive impact on the environment. Their commitment to sustainability is not only good for our planet but also for us, for business."

Abdulrahman Alzaid, Chief Operating Officer of Lean Node added, "We believe in Kara's vision for a more sustainable future through their innovative approach to renting devices and commitment to reducing e-waste. Kara's model has the potential to bring about radical changes in the way organizations think about their acquisition mechanism technology.”

This round is to help Kara expand its customer base, improve its renting platform, and continue to promote sustainability in the technology industry. "We're just getting started. We're on a mission to make a real difference. With the support of our investors, we're confident we can achieve our goals to reduce technology waste and promote sustainability," said Kara's Founder and CEO, Saad Zitouni.