Riyadh-based startup Qoyod has raised an undisclosed amount in a seed funding round from Kuwait’s Arzan VC, the company announced in a statement.
Qoyod was founded in 2016 by Abdullah AlDayel, with the aim of selling their cloud-based accounting software to startups and SMEs through a subscription model where users pay a monthly or yearly fee. There are two types of subscriptions available, selling at $53 and $67 a month.
Abdulla AlDayel commented on the investment saying: “This is only the beginning of a very long journey that we plan to pursue alongside like-minded partners who see the potential in this space. We believe that we currently have a comprehensive product offering that allows local SMEs to cover most of their accounting and bookkeeping needs, especially within the context of KSA statutory requirements.”
Abdulla adds that their goal is to add other critical and complementary feature that could help the financial reporting ecosystem. “We ultimately aspire to be the one-stop financial solution for SMEs in the region,” he said.
Arzan VC’s Founding Partner, Hasan Zainal also spoke about Qoyod’s recent investment. “The need for a simple accounting solution is immense. Qoyod targets SMEs, providing software that is easy to use and that doesn’t require accounting knowledge or expertise. The introduction of VAT in Saudi Arabia and other GCC countries, along with the requirement for businesses to submit yearly statements makes solutions like Qoyod even more critical,” he said.
With the new investment, Qoyod is planning to develop their product and strengthen their position in the market.