Jordanian InvoiceQ Bags US$1.2 Million In Pre-Series A Round

Jordan-based software-as-a-service (SaaS) startup InvoiceQ has raised US$1.2 million in a pre-Series A funding round. The investment saw participation from investors including the US-based venture capital firm specializing in early-stage investments in SaaS, Propeller, Oasis 500, Orange VC, Flat6Labs, Natej Soft, and several angel investors. The funding will support the company’s plans for expansion into Oman, Egypt, the UAE, and the broader Gulf Cooperation Council (GCC) region. 

Co-founded in 2020 by Muhannad Tobal (CEO), Fadi Al-Jabali (CTO), Amer Ayyad (COO), and Mohammad Baseet (general manager), InvoiceQ provides e-invoicing and integration solutions that address specific regional requirements. Currently operational in Jordan and Saudi Arabia, the platform aims to extend its services across the Middle East and North Africa (MENA) region. 

InvoiceQ’s e-invoicing platform simplifies processes for businesses and integrates with payment gateways such as SADAD in Saudi Arabia and eFAWATEERcom in Jordan. It also supports payment collections through Visa and Mastercard, facilitating payment processing and real-time reconciliation. 

The company is recognized by regulatory bodies, including Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) and Jordan’s Income and Sales Tax Department (ISTD). This ensures that clients meet tax regulations while benefiting from system integrations and customization options. 

InvoiceQ team. Courtesy of InvoiceQ.

Since its inception, InvoiceQ has issued over 50 million invoices with a total value of $6 billion and has built a client base of more than 250 businesses. Its platform automates manual processes, reduces errors, and provides real-time data reporting. 

In 2022, InvoiceQ secured a $440,000 investment from Jordan Ahli Bank’s accelerator, Ahli Fintech. 

In an interview with Inc. Arabia, InvoiceQ’s founders shared insights about their journey, including navigating regulatory challenges, fundraising strategies, and plans for technological advancement following its latest funding round. 

One of the challenges for InvoiceQ has been adapting its solutions to meet the regulatory requirements of different countries. "Right from the start, InvoiceQ has set its core foundation of e-invoicing solutions on a strong solid base that covers three essential structures; this includes the e-invoicing layer, the country layer, and the customer layer. With that in mind, we have carefully considered the needs of each country through our dynamic solutions, which enabled us to transition and expand smoothly across different countries with solutions that take global e-invoicing standards such as Peppol and UBL as a reference. Thus, empowering our solution to be highly customizable,” said Fadi Al Jabali, CTO and co-founder of InvoiceQ.  

Speaking about the company’s next steps, the InvoiceQ team highlighted its focus on innovation and customization. “With this new funding, InvoiceQ plans to take its solutions to the next level while addressing the needs of each country. We do know that focusing on streamlined processes and customizable solutions is going to be the top priority we pursue as we push towards new solutions,” the team stated. 

Additionally, CEO and co-founder Muhannad Tobal shared insights from their fundraising journey, offering practical advice to other entrepreneurs. “For entrepreneurs seeking future investment opportunities, there are essentials to consider such as showcasing their product’s strength, having founders capable of making the right decisions and calls, knowing their unique value proposition, and having a good market address. Leveraging these key points will help build a good multi-market presence and secure revenue diversification.”