Wafeq, a UAE-based modern accounting platform provider, has raised $7.5 million (SAR 28 million) in Series A funding.
Investors
The round was led by 9900 Capital, with participation from Gary Turner, former EMEA lead at Xero, and existing investors Raed Ventures and Wamda Capital.
Founded in 2023, 9900 Capital is a venture capital firm based in London, United Kingdom. The firm focuses on multi-stage investments, particularly in seed to early-stage companies within embedded systems, financial services, and renewable energy sectors.
Wafeq Use of Funds
The funding will support Wafeq’s expansion in Saudi Arabia and the UAE, aligning with Vision 2030 initiatives. The company aims to double its hiring efforts and enhance product development.
About Wafeq
Founded in 2019 by Nadim Alameddine, Wafeq provides a modern and easy-to-use accounting software platform designed to help small and medium-sized enterprises (SMEs) streamline their financial management and stay compliant with local regulations. The platform offers features such as ZATCA-compliant e-invoicing, payroll, VAT reporting, accounts payable automation, and more. Wafeq integrates with leading banks and ensures compliance with evolving tax policies in Saudi Arabia and the UAE.
Funding Details
Company: Wafeq
Raised: $7.5M
Round: Series A
Funding Date: December 2024
Lead Investor: 9900 Capital
Additional Investors: Gary Turner, Raed Ventures, Wamda Capital
Company Website: https://www.wafeq.com/
Software Category: Accounting
Source: https://www.wamda.com/2024/12/wamda-capital-participates-wafeq-7-5-million-series-a-round