Riyadh-based software startup Qoyod announced on Tuesday that it successfully wrapped up a seed round led by Arzan VC, a venture capital firm from Kuwait. The size of the investment, however, remains a mystery as neither party is willing to share the specifics.
Qoyod’s product portfolio includes accounting software for startups and SMEs. However, instead of delivering its software solutions through physical products (such as CD/DVDs) or one-time downloads, Qoyod relies on the SaaS (software as a solution) model. Customers pay a monthly (or yearly) subscription fee in order to incorporate Qoyod’s solution into their tech inventory. Currently, Qoyod offers two subscription packages — one selling at $53 a month, and the other at $67 a month. The company claims its clientele currently consists of 600 SMEs and startups.
“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,” Abdullah AlDayel, Founder of Qoyod, said on an optimistic note after announcing the completion of the seed round. It is worth noting here that Qoyod, founded in 2016, was incubated at Riyadh-based Badir, a Technology Incubator Program that aims at accelerating the growth of emerging tech-powered startups in Saudi Arabia. The company plans on utilizing the funds from the seed round to improve their products while simultaneously strengthening their footprint on the accounting software market.