UAE’s Wafeq startup raises $3 mln to tap Egypt market

Dubai-based accounting platform start-up Wafeq announced on Wednesday it had has secured a $3 million seed round, as it aims to enter Egypt and scale up its services across the region.

Wafeq is now exploring new growth opportunities in Egypt while doubling down on its existing markets as businesses comply with evolving accounting and financial requirements.

“There are regulatory changes happening in Saudi Arabia and Egypt, and that is what we are trying to capitalize on at the moment,” said Nadim Alameddine, chief executive and founder of Wafeq.

Alameddine further added that “we are also doubling down on our existing markets, where we already have good traction.”

The seed round was led by Raed Ventures and saw participation from Wamda Capital, both of which are two of the most prominent names in the region’s early-stage funding ecosystem.

“The digitalisation of accounting practices will truly transform how SMEs here operate, increasing operational transparency, creating efficiencies and contributing to economic growth,” Talal Alasmari, founding partner at Raed Ventures said.

Launched in 2019, Wafeq initially focused on startups and acquired customers in category-leading businesses such as Tabby, Lean Technologies, DAPI, Fenix, PiFlow, Ziina, Platinum List and Invygo.