• Jordan-headquartered SaaS provider startup InvoiceQ has raised a pre-Series A funding round of $1.2 million, backed by Oasis 500, Orange VC, Flat6Labs, as well as Natej Soft and several angel investors.
• Co-founded in 2020 by Muhannad Tobal, Fadi Al-Jabali, Amer Ayyad, and Mohammad Baseet, InvoiceQ provides an e-invoicing solution for enterprises, with a presence in Jordan and KSA.
• The new capital is expected to be allocated towards the company's geographic expansion goals, including plans to enter Oman, Egypt, the UAE, and the wider GCC.
• In 2022, Jordan Ahli Bank's accelerator, Ahli Fintech, invested $440,000 in InvoiceQ.

Source: Entrepreneur Middle East

InvoiceQ, a Jordan-headquartered company specialising in providing software as a service (SaaS) in the field of e-invoicing and integration solutions, has successfully raised a pre-series A-funding round of US$1.2 million. The round saw the participation of a number of Jordan-based investors, including Oasis 500, Orange VC, Flat6Labs, as well as Natej Soft and several angel investors.

InvoiceQ finalised the investment process with the support of Kassim Legal, a boutique law firm specialising in startups, entrepreneurs, and emerging enterprises.

Co-founded in 2020 by Muhannad Tobal (CEO), Fadi Al-Jabali (CTO), Amer Ayyad (COO), and Mohammad Baseet (General Manager), InvoiceQ is currently operational in Jordan as well as KSA. Its e-invoicing solutions aim to address the needs of each country's specific requirements so that e-invoicing solutions revolutionise the ways by which invoices are managed and exchanged across the region.

As such, the new capital is expected to be allocated towards the company's geographic expansion goals, including plans to enter Oman, Egypt, the UAE, and the wider GCC in an attempt to provide cutting-edge e-invoicing solutions to a wider client base. "We have issued over 50 million invoices to date, saving our clients a lot in the process," said Tobal in a statement. "This investment will empower us to expand our client base and drive significant growth in Saudi Arabia and the MENA region, where the demand for digital invoicing solutions is rapidly increasing."

The InvoiceQ system has been developed to support different payment gateways such as SADAD, a KSA-based digital payments platform, and eFAWATEERcom, a Jordan-based online bill payments platform, in addition to supporting payment collections through versatile options such as Visa and Mastercard in an attempt to facilitate the payment collection process for businesses and ensure real-time reconciliation.

In the markets it is currently based in, InvoiceQ has also been formally recognised by the likes of the Zakat, Tax and Customs Authority (ZATCA) in Saudi Arabia and the Income and Sales Tax Department (ISTD) in Jordan. With InvoiceQ's solutions, companies are thus able to comply with tax authorities, get dynamic system integrations, and have advanced customisation options. The system automates manual processes, thereby increasing efficiency, minimising errors, and providing accurate data reports in real-time.

Since its inception, InvoiceQ has achieved quite a few milestones in the e-invoicing industry already, having issued over 50 million invoices and achieved a total invoice value estimated at $6 billion. The company also has over 250 clients from various business industries and regions and has helped these businesses save a significant amount of time and resources through its up-to-date solutions.

Moving forward, the InvoiceQ team aims to uphold its vision to deliver user-friendly e-invoicing solutions tailored for businesses and organisations of all industries and sizes across the region. "This is what pushes us to develop customer-centric alternatives capable of meeting global systems' demands according to each country's local tax regulations and legislation," Tobal added. "Developing technology that empowers all business users to manage invoices electronically with the minimum effort needed and maximum output received through solutions that prioritise each business specific needs. This achievement [the pre-Series A investment] now unlocks the door for new opportunities and helps businesses embark on this new revolution in the e-invoicing industry through solutions that consider simplicity, speed, and real-time updates for e-payment solutions."