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Wafeq raises USD 7.5 mn in Series A funding: Accounting platform Wafeq secured USD 7.5 mn in its Series A round, led by Chris Corbishley, Managing Partner at 9900 Capital, according to a press release. Other participants included Gary Turner, former head of Xero EMEA, alongside existing investors Raed Ventures and Wamda Capital.
Where the funds are going: The funds will be directed towards bolstering operations in Saudi Arabia, which accounts for 90% of the company’s business, and expanding in the UAE. Wafeq plans to hire additional staff and enhance product development, focusing on compliance features to meet evolving tax regulations in both markets.
About Wafeq: Founded in 2019 by Nadim Alameddine (LinkedIn), Wafeq serves small and medium enterprises (SMEs) in the Middle East. Its platform supports e-invoicing, taxation, and payroll management, processing over 2 mn invoices worth USD 400 mn monthly. The company also offers invoicing compliance and accounts payable automation solutions for larger companies.
OTHER STARTUP NEWS-
UAE-based car part aggregator BuyAnyAutoPart raised USD 750k in a pre-seed round, Wamda reports. The main investors include Mazda’s exclusive UAE distributor Galadari Brothers and Allana Group’s family office 6G Capital, alongside other strategic backers. The funding will allow BuyAnyAutoPart to finalize contracts with major UAE multi-brand workshops before expanding its services to thousands of smaller garages across the country. CEO Zarir Saifuddin says that the company aims to “become the largest used car part supplier in the world,” capitalizing on the country’s role as a trade hub for parts.
About BuyAnyAutoPart: Founded in 2020, the company is an automotive tech startup for trading used car parts. It completed pilot projects with several UAE automotive enterprises such as AW Rostamani, Al Ghurair Cars, Emirates Transport, Mohamed Hareb Al Otaiba Group, and Galadari Automobiles.
Men’s wellness startup Better raised USD 550k in a pre-seed funding round, led by Salica Spring Studios’ fund. Salica Investments, Al Waha Fund of Funds, and Plus VC, also participated in the round, according to a press release.The funds will be used to expand Better’s offerings, including customized prescription medications and supplements for men, and to extend its services to other areas like weight loss and mental wellness.
About Better: Founded by Walid Dib and Hassanain Anver, Better aims to address critical issues in men’s physical health through proprietary supplements and compounded prescriptions. Better operates on a subscription model and develops its products in the UAE.
