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Saudi Cloud Accounting and E-invoicing Platform VoM Raises Investment Months After Launching

Founded in the fourth quarter of 2020, VoM is poised to lead the line for KSA’s plans to impose e-invoicing on all commercial establishments by December 2021.

Despite only being founded in the fourth quarter of 2020, Riyadh-based startup, VoM, has announced that it has secured a Pre-Seed investment round of $670K (SR 2.5 million). In it’s short existence, the startup has gained traction thanks to its cloud accounting and e-invoicing platform, which aims to value-for-money for SMEs and small businesses through the facilitation of financial data management. Essentially, it aims to do-away with the need for a full time accountant. 

VoM can also link clients to a POS in various locations, which in turn connects the platform directly to e-commerce businesses and provides cloud security to customers, while issuing financial reports, calculating taxes and even issuing exchanges.

The launch of VoM came at an opportune time, with KSA’s General Authority for Zakat and Tax announcing very shortly after that it would impose e-invoicing on all commercial establishments by December 2021.

“We are thrilled with the support from our angel investors who truly believe in the importance of cloud accounting in a world where big data and automation is important for small and large companies alike,” said Michael Aswad, CEO of VoM. “Businesses need quick solutions to manage their daily activities and we will strive to meet their accounting requirements and organize their data in the simplest and most efficient way possible."

Learn more about VoM here.

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