Saudi company Qoyod, a cloud-based accounting software provider for small- and medium-sized businesses (SMB) in the Kingdom and the region, has announced an investment round of $2.1 million led by Merak Capital, and with the participation of other investors.
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.
Aldayel, founder and CEO, said: “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 No. 1 financial solution serving the growing Saudi SMB market.”
Merak Capital is a licensed company by the Capital Market Authority to manage private investment funds, investor portfolios, and advise on financial securities, with a specialized focus on technology investments.
Abdullah Altamami, founding partner and CEO of Merak Capital, said: “Internationally, businesses are spending $6.4 billion annually on accounting software, which is expected to reach $10.5 billion by the end of 2027, exhibiting a CAGR of 7.4 percent. Locally, the direct market exceeds $500 million and is growing more than 13 percent annually, while the adjacent market opportunity exceeds $2 billion. 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.