Qoyod

Qoyod is a cloud-based accounting solution provider that helps businesses streamline their financial operations and improve compliance with tax regulations through innovative software offerings. Founded in 2016, Qoyod is headquartered in Riyadh, Saudi Arabia, and specializes in providing accounting solutions. The company was established by Abdullah AlDayel, who is also the CEO, and has undergone various developments in its business strategy since inception. As of December 2020, Qoyod secured USD 2.

1 mn in Series A funding led by Merak Capital, contributing to its growth and operational capabilities with a total of USD 2. 1 mn raised across two deals. Qoyod delivers a comprehensive cloud-based accounting platform designed to optimize financial operations for businesses of all sizes. Its main product facilitates the management of sales, inventory, and financial reporting while ensuring compliance with Saudi tax authority regulations for electronic invoicing.

The company’s offerings cater to multiple sectors, including retail, manufacturing, food and beverage, legal, real estate, and technology, targeting both small to medium enterprises (SMEs) and larger corporations primarily in the Middle East. Qoyod's revenue model is based on subscription plans, enabling clients to access its accounting software and services through monthly or annual fees. With various pricing tiers available, customers can select packages that meet their specific business needs, from basic accounting features to advanced analytics and reporting tools. This subscription structure supports ongoing client relationships as businesses depend on Qoyod’s software for their financial management.

Following its latest funding round in December 2020, Qoyod plans to enhance its product offerings by designing new features aligned with market demands. The company aims to expand its reach into additional geographic regions, particularly targeting new markets in the Middle East. The recently raised USD 2. 1 mn in Series A funding will be allocated to support these product developments and market expansion initiatives.