# Wafeq FZ-LLC

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/wafeq-fz-llc

- Industry: Software
- Headquarters: Dubai, United Arab Emirates
- Website: www.wafeq.com/
- Total disclosed funding: $11M
- Latest round: Series A (Dec 10, 2024)
- Investors on record: 3

## About

Based in Dubai, United Arab Emirates, and founded in 2019 by CEO Nadim Alameddine, Wafeq FZ-LLC, a.k.a. Wafeq operates as a provider of financial software, offering an accounting and e-invoicing solutions for business owners and accountants. In January 2023, Wafeq raised USD 3 million in seed funding led by RAED Ventures, with participation from Wamda Capital. The company provides a software-as-a-service-based platform that offers accounting and e-invoicing solutions for entrepreneurs. The software offers a wide range of features, including purchase and claims, payroll and employees, VAT returns, inventory tracking, customers and suppliers, and reports and insights, allowing clients to send invoices, quotes, and purchase orders, manage inventory and payroll, and generate more than 30 financial reports. Wafeq generates revenue from the subscription of its software packages, which include starter (USD 19 per month), plus (USD 29 per month), and premium (USD 69 per month). The company plans to use its proceeds from January 2022 funding to expand its business reach in Egypt and across UAE and further develop its product offering. In December 2024, Wafeq FZ-LLC raised USD 7.5 million in Series A funding led by  9900 Capital, with participation from RAED Ventures and Wamda Capital.

## Funding rounds

- Series A, Dec 10, 2024, $7.5M — Wamda Capital, RAED Ventures, BNVT Capital
- Seed, Jan 25, 2023, $3M — Wamda Capital, RAED Ventures

## Investors

- Wamda Capital (https://capitalatlas.ai/funds/wamda-capital) — Seed, Series A
- RAED Ventures (https://capitalatlas.ai/funds/raed-ventures) — Seed, Series A
- BNVT Capital (https://capitalatlas.ai/funds/bnvt-capital) — Series A