A $3 million seed fundraising round for Wafeq, a cutting-edge accounting platform with an emphasis on usability, has been closed.
The investment seed round was headed by Raed Ventures and Wamda Capital, two of the most well-known names in the area’s early-stage funding ecosystem.
Each month, Wafeq users create over 630,000 invoices, totalling more than $117 million in invoiced amounts.
Wafeq was introduced in 2019, initially concentrating on startups.
Market leaders including Tabby, Lean Technologies, DAPI, Fenix, PiFlow, Ziina, Platinum List, and Invygo are now among the company’s growing list of clients.
Following a quick expansion, the business currently supports long-tail SMEs in a variety of industries, including construction, food & beverage, online retail, and even beyond.
Wafeq was founded to help small and medium-sized businesses (SMEs) manage their accounting and financial demands.
Wafeq adheres to all rules established by the Saudi Arabian Zakat, Tax and Customs Authority (ZATCA), the Federal Tax Authority of the United Arab Emirates, and ultimately the Egyptian Tax Authority.
Nadim Alameddine, CEO & Founder of Wafeq, said “thriving small and medium firms continue to power the engines of our economy.” However, they are required to follow evolving accounting standards in this dynamic economy.
Using Wafeq, we are modernizing and reimagining accounting compliance for accountants and business owners. With the help of Raed Ventures and Wamda Capital, we are excited to grow our footprint in Saudi Arabia and the United Arab Emirates while also entering Egypt.
Companies may function more effectively while still adhering to both the old and new rules thanks to Wafeq’s technology.
Every facet of accounting for the company’s clients is streamlined through its platform, including record-keeping, sales monitoring, invoice preparation, automated bank transactions, and report generation.
Wafeq will continue to innovate, develop new product features, concentrate on customer acquisition, and selectively hire for both technical and non-technical roles with the financing it recently received
With the help of this round of funding, Wafeq will be able to extend its operations in Saudi Arabia and the United Arab Emirates as well as join the Egyptian market, where there is a need for accounting and financial management services for small and medium-sized businesses.
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