Qoyod
Cloud accounting software for small and medium businesses, approved for e-invoicing by the Zakat, Tax and Customs Authority
Qoyod is a Saudi cloud accounting software that started in Riyadh in 2014 and serves small and medium businesses. The company says it issues more than 2 million sales invoices a month for more than 35,000 businesses.
What does Qoyod do?
Abdullah AlDayel started work on Qoyod in Riyadh in early 2014 with family funding, after noticing that accounting software was hard for new business owners to use. The project was incubated in the Badir Program for Technology Incubators and Accelerators at King Abdulaziz City for Science and Technology. The software offers invoicing, inventory, point of sale and reports in Arabic and English, and Qoyod was one of the first approved e-invoicing providers. It raised a $2.1 million Series A in 2020. Its valuation has not been disclosed.
Products
Cloud accounting software covering invoices, quotes, purchases, inventory and point of sale, with integration to the Fatoorah platform
Key features
- E-invoicing approved by the Zakat, Tax and Customs Authority
- Arabic and English interface
- Inventory management and point of sale
- Integrations with platforms such as Salla, Zid, Tamara and Tabby
- Financing for businesses from inside the software, through partners
- Qoyod was incubated in the Badir Program at King Abdulaziz City for Science and Technology, which is government support with no disclosed stake
- Qoyod's valuation has not been disclosed, and the only round with a disclosed amount is $2.1 million in 2020
- The business and invoice figures are published on the company's website
The documentary
Its founder isn't an accountant, and still he built accounting software that issues more than 2 million invoices a month.
Follow the channel so you don’t miss itFunding rounds
| Round | Date | Amount | Lead | Investors | Source |
|---|---|---|---|---|---|
| Series A | December 2020 | $2.1M | Merak Capital | Merak Capital | Source |
| Seed | July 2018 | Undisclosed | Arzan VC | Arzan VC | Source |
Key investors
Founders
Common questions about Qoyod
Who founded Qoyod?
Abdullah AlDayel founded it, and began work on it in Riyadh in early 2014 with family funding.
What does the name Qoyod mean?
It refers to accounting entries, the simplest unit in accounting.
Is Qoyod approved for e-invoicing?
The company says it is one of the first providers approved by the Zakat, Tax and Customs Authority for e-invoicing.
How much funding has Qoyod raised?
A $2.1 million Series A in December 2020 led by Merak Capital, plus a seed round of undisclosed size in 2018 from Arzan VC.