Wafeq, a Dubai-based accounting and financial compliance startup, has raised $3M in a Series A Funding round led by Middle East Venture Partners (MEVP).
The round also saw participation from 500 Startups, Faithful+Gould, and Wamda Capital, as well as a number of regional and international angel investors.
Founded in 2016, Wafeq automates and simplifies the complex and time-consuming financial compliance process for businesses in the MENA region. The startup’s platform offers a suite of compliance and accounting tools that help businesses manage their finances, track their progress, and meet their regulatory requirements.
The new funding will be used to scale Wafeq’s platform, as well as to expand its team and its sales and marketing efforts. The startup is also planning to launch new products and features in the coming months.
“The most important thing for us is to continue simplifying the complex and time-consuming task of financial compliance for businesses in the MENA region,” said Wafeq co-founder and CEO Walid Negm.
“With the help of our new investors, we will be able to accelerate our growth and achieve our mission of becoming the leading compliance and accounting platform in the region.”
Dubai-based accounting and financial compliance startup, Wafeq, raises $3M
Wafeq, a Dubai-based accounting and financial compliance startup, has raised $3M in a Series A funding round. The round was led by Middle East Venture Partners (MEVP) with participation from VEFa Capital and500 Startups.
This brings the total capital raised by Wafeq to $4.5M since it was founded in 2016.
Wafeq will use the new funds to continue growing its team and expanding its services across the MENA region. The company plans to launch in Saudi Arabia and Egypt in the coming months.
Accounting and financial compliance is a critical but often overlooked need for businesses in the MENA region. Wafeq provides an end-to-end solution that helps businesses manage their finances and stay compliant with regulations.
The company’s team of accountants and compliance experts work with businesses of all sizes, from startups to large enterprises. Wafeq’s services include bookkeeping, tax compliance, payroll, and financial reporting.
Wafeq’s platform is designed to be user-friendly and easy to use, with a focus on automation and real-time data. The company’s goal is to make compliance simple and stress-free for businesses, so they can focus on their core operations.
In addition to its compliance services, Wafeq also offers business consulting and advisory services. The company’s team can help businesses with issues such as business registration, licensing, and company formation.
MEVP is a leading venture capital firm in the MENA region, with a focus on technology investments. The firm has invested in over 100 companies since its inception in 2005.
VEFa Capital is an early-stage venture capital fund based in Istanbul. The fund invests in technology companies across the MENA region.
500 Startups is a global venture capital firm with a focus on seed-stage investments. The firm has invested in over 2,500 companies since its inception in 2010.