Riyadh-based Qoyod raised seed funding for its online accounting software

Qoyod, a Riyadh-based startup has raised seed funding from Kuwait’s Arzan VC, the startup announced in a statement today without specifying the size of investment.

Founded in 2016 by Abdullah AlDayel, Qoyod sells its cloud-based accounting software to startups and SMEs using subscription model that requires users to pay a monthly (or yearly) fee. According to its website, there are currently two types of subscriptions available, selling at SAR 199 ($53) and SAR 250 ($67) a month.

The startup according to the statement currently has over 600 businesses as its clients.

Abdullah AlDayel, the founder, who comes from IT governance and project management background had initally started Auto Cloud (the entity that currently operates and manages Qoyod) with the intention to resell international cloud solutions in Saudi Arabia but he quickly realized that those solutions do not cater the needs of local market and that’s when he founded Qoyod.

Speaking about the investment, Abdullah, said, “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,” he added.

Arzan VC’s Founding Partner, Hasan Zainal who had first announced the investment in their monthly newsletter, said, “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.”

Qoyod that was incubated at Riyadh-based Badir plans to use the investment to further develop their product and strengthen their position in the market.