Wafeq raises $3mln seed round led by Raed Ventures and participation from Wamda Capital

Wafeq raises $3mln seed round led by Raed Ventures and participation from Wamda Capital

- Businesses on Wafeq create over 630,000 invoices every month totalling over $117 million (SAR 440 mn)

- Financial software startup will utilise capital to enter Egypt while doubling down on growth in Saudi Arabia and the UAE

- Wafeq helps run better businesses by powering accounting and financial compliance with regional regulations which is unmet by global players

- Cloud-based platform underpins the finance needs of small and medium businesses from accounting to e-invoicing, taxation and employee payroll

Dubai: Wafeq (www.wafeq.com), a modern and easy-to-use accounting platform, has announced the completion of its $3 million seed round. The Dubai headquartered company’s seed round was led by Raed Ventures and saw participation from Wamda Capital, both of which are two of the most prominent names in the region’s early-stage funding ecosystem.

Built for the unmet finance and accounting needs of small and medium businesses in the Middle East, this fundraise will fuel Wafeq’s entry into Egypt, while doubling down on its presence in Saudi Arabia and the UAE. Businesses using Wafeq create over 630,000 invoices every month, with total monthly invoiced amounts exceeding $117 million (SAR 440 mn+).

In Egypt, Saudi Arabia, and the UAE SMEs comprise over 98%, 90% 94% of all companies registered respectively.