{"id":579203,"date":"2023-01-30T04:13:18","date_gmt":"2023-01-30T04:13:18","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/wafeq-plans-egypt-entry-after-raising-usd-3-mn-seed-round\/"},"modified":"2023-01-30T04:13:18","modified_gmt":"2023-01-30T04:13:18","slug":"wafeq-plans-egypt-entry-after-raising-usd-3-mn-seed-round","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/30\/wafeq-plans-egypt-entry-after-raising-usd-3-mn-seed-round\/","title":{"rendered":"Wafeq plans Egypt entry after raising USD 3 mn seed round"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>UAE accounting startup <\/strong><strong><a href=\"https:\/\/www.wafeq.com\/en\">Wafeq<\/a><\/strong><strong> has raised USD 3 mn in a seed round<\/strong>, the company <a href=\"https:\/\/www.wafeq.com\/en\/press-releases\/media-center\/wafeq-raises-dollar3-million-seed-round-led-by-raed-ventures-and-participation-from-wamda-capital\">said<\/a> Wednesday. The round \u2014 led by Saudi VC <a href=\"https:\/\/raed.vc\/\">Raed Ventures<\/a>, with participation from <a href=\"https:\/\/wamdacapital.com\/\">Wamda Capital<\/a> \u2014 will help fund Wafeq\u2019s expansion into Egypt while scaling its services in the Gulf.<\/p>\n<p><strong>Not yet a household name here:<\/strong> Wafeq is a Dubai-headquartered accounting platform looking to address the \u201cunmet finance and accounting needs of small and medium businesses in the Middle East.\u201d 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While scaling its services in the Gulf<\/p>\n","protected":false},"author":1,"featured_media":579204,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7258],"tags":[72,595,95,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-579203","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-enterpriseam","tag-non-banking-financial-services","tag-startup-watch","tag-tax","wpautop","entry"],"acf":{"mongo_id":"932b06c7-3675-4840-9c1d-085d877d9a21","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/507.jpg","photo_position":"above","related_issue":[579194],"teaser":"While scaling its services in the Gulf"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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