UAE accounting startup Wafeq has raised USD 3 mn in a seed round, the company said Wednesday. The round — led by Saudi VC Raed Ventures, with participation from Wamda Capital — will help fund Wafeq’s expansion into Egypt while scaling its services in the Gulf.

Not yet a household name here: Wafeq is a Dubai-headquartered accounting platform looking to address the “unmet finance and accounting needs of small and medium businesses in the Middle East.” Its platform enables SMEs to manage accounting, e-invoicing, payroll and taxation. It aims to help companies to stay compliant with tax law and will soon meet the requirements of the Egyptian Tax Authority, the statement reads. Businesses currently use Wafeq to create more than 630k invoices every month totalling over USD 117 mn, the company said.

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