Qoyod, an accounting cloud solution for small and medium businesses in Saudi Arabia, has recently raised an undisclosed Seed round from Arzan VC.
With 600 SMEs on board, the startup allows local businesses to cover most of their accounting and bookkeeping needs, “especially within the context of KSA statutory requirements,” said Abdullah A. AlDayel, founder of Qoyod.
“Our goal going forward is to add other critical and complementary features that are essential to the financial reporting ecosystem. We are ecstatic to have Arzan be our first institutional partner. I have been closely following Arzan’s efforts in nurturing a vibrant startup ecosystem in the MENA region [...] we also certainly look forward to working with other like-minded partners in future rounds.”
Arzan VC, a sector and country agnostic venture firm based in Kuwait and the UAE, has already invested in 18 companies from 7 countries. Qoyod is their most recent one.
“Qoyod’s team is highly motivated and they understand what problem they are trying to solve. The scalability question is very critical for us as a VC, and since Qoyod started from one of the largest MENA markets (Saudi Arabia), this gives us more comfort,” said Hasan Zainal, partner at Arzan. “Yes, there are several already available accounting softwares which are used regionally, however, a localized product will always have a competitive advantage since new local reporting requirements can be met swiftly.”