Saudi Arabian startup Qoyod have announced that they have successfully closed a SEED funding round from Arzan VC. The amount that the startup raised to date is undisclosed.
The funds will be used to develop new features for their application as well as help maintain their leadership position in their industry. Here are few words from the founder Abdullah AlDayel regarding the investment:
"I would like to thank all of our 600 existing SME users for trusting us at Qoyod with their financial data. It is their trust that made this financing round possible. We will forever be indebted to them." He told MAGNiTT.
Regarding Qoyod's future following their fundraise, he added "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. However, our goal going forward is to add other critical and complementary features that are essential to the financial reporting ecosystem. We ultimately aspire to be the one-stop financial solution for SMEs in the region.
When speaking about their investor, he said "That is why 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, and I couldn’t be happier to have them on board as a strategic and key partner. We also certainly look forward to working with other like-minded partners in future rounds."
Here is an overview of the startup's history, the founder and his goals:
Brief history:
The Cloud Computing Company is an emerging financial technology. We started implementing cloud solutions for Saudi enterprises in 1435, which gave us a clear vision that entrepreneurs need systems that help them manage their small businesses. The solutions that existed did not match the needs of small entrepreneurs, which led to a lack of interest of entrepreneurs in important aspects in the management of their work such as accounting and customer relations management and other aspects. Then we decided to create solutions that help small business owners and facilitate the management of their business and raise the extent of administrative awareness
Founder:
Abdullah Aldayel: After completing his MBA, Abdullah established Auto Cloud (Qoyod’s current operator) with the intent to be a certified reseller of international cloud solutions in Saudi Arabia. This lead him to quickly realize the gap between international solutions and local market needs. backed by his solid 6 years of IT governance experience and 3 years of project management, Abdullah founded Qoyod to be an easy accounting cloud solution for small and medium Saudi businesses. Abdullah completed his MBA from the Prince Sultan University. and a BSc in MIS from Al Yamamah University. Abdullah is married with two children.
Goals:
We aspire to be an integrated financial solution for small and medium enterprises in the region. We aim to narrow the gap between entrepreneurs and accountants in the region by facilitating accounting for entrepreneurs and automating accounting as much as possible to redefine the work of accountants in the establishment from a data portal to an analyst and activate their decision-making process with the latest technologies