PHOTO
Qoyod announces an investment round of $2.1M (SR 7.87 million) led by Merak Capital, with participation by other investors. The Saudi-based company is a cloud-based accounting software provider for small and medium businesses in KSA and the region.
Founded by Abdullah Aldayel in 2016, Qoyod enables thousands of businesses to manage their day-to-day accounting and finance operations, with access to powerful real-time reporting and analytics tools. Qoyod believes that it is well-positioned to be the one-stop financial solution for SMEs in the region. A few product roll-outs are in the pipeline, offering more comprehensive features that connect business owners to complementary financial products and services.
Abdullah Aldayel, Founder and CEO, commented on the investment, stating that: "Despite its obvious challenges, 2020 has been an amazing year for us here at Qoyod, with significant growth in our customer base and topline for the year. Nonetheless, the Saudi market is sizable, and we have yet to scratch the surface. We are thrilled to end the year with key new partners on board and look forward to working with Merak Capital, who will be adding tremendous value by way of their fintech expertise. With the right partners and with adequate financing, Qoyod is now perfectly positioned to be the number one financial solution serving the growing Saudi SMB market."
Abdullah Altamami, Founding Partner and CEO of Merak Capital, said about Qoyod: "Internationally, businesses are spending $6.4B annually on accounting software, which is expected to reach $10.5B by the end of 2027, exhibiting a CAGR of 7.4%. Locally, the direct market exceeds $500M and is growing more than 13% annually, while the adjacent market opportunity exceeds $2B. Yet, we don't have a ubiquitous SaaS accounting platform with localized features that are integrated within the local infrastructure. We envision Qoyod to be the player that fills this gap and captures the increasing demand."
Qoyod is currently expanding its products and regional coverage, and more details to be announced on this regard soon.
For more information, please use the below contact details:
Qoyod
Qoyod is an easy SaaS accounting solution that enables businesses to manage their day-to-day finances.
Email: investing@qoyod.com
Merak Capital
Merak Capital is a licensed company by the CMA to manage private investment funds, investor portfolios, and advise on financial securities, with a specialized focus on technology investments.
Email: contact@merak.capital
© Press Release 2020
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
