Saudi Arabia-based cloud accounting and e-invoicing platform VoM has closed a pre-Seed investment round of SAR2.5 million ($670,000). The round was led by a group of angel investors.
Founded in Q4 2020, VoM helps owners of SMEs manage their financial data and accounting on their own without the need for a full-time accountant.
The platform allows users to issue invoices and quotations and automatically sends them via e-mail. In addition, it offers the ability to link them to point of sale (POS) devices in various geographical locations. The platform also connects directly to e-commerce businesses.
Shortly after its launch, the General Authority for Zakat and Tax (GAZT) announced its intention to impose (electronic invoicing) on all commercial establishments by December 2021.
“We are thrilled with the support from our angel investors; they truly believe in the importance of cloud accounting in a world where big data and automation is important for small and large companies alike,” said Michael Aswad, CEO of VoM. “Businesses need quick solutions to manage their daily activities and we will strive to meet their accounting requirements and organise their data in the simplest and most efficient way possible.”