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Wafeq raised $7.5 million in a Series A round led by 9900 Capital to enhance its accounting platform for SMEs in the Middle East.

Dec 10, 2024about 1 year ago

Amount Raised

$7.5 Million

Round Type

series a

DubaiInformation TechnologySoftwareAccounting

Investors

Wamda CapitalRaed VenturesGary Turner9900 Capital

Description

Wafeq has completed a $7.5 million Series A funding round with participation from notable investors including Gary Turner, Raed Ventures, and Wamda Capital. The company plans to expand its operations in Saudi Arabia and the UAE, following its recent success in facilitating over 2 million invoices monthly.

Company Information

Company

Wafeq

Location

Dubai, Dubai, United Arab Emirates

About

Wafeq is a modern and easy-to-use software that powers every finance-related need of small to medium businesses in the Middle East, starting with accounting.

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Funding Insights

Based on industry data
VC-backed spending patterns
VC-backed companies spend 89% more on sales and 100% more on marketing than bootstrapped peers