Jeddah-based accounting services provider Pi Flow has raised an undisclosed amount of investment from a group of angel investors and Saudi Venture Capital Company, it announced in a statement today.
Founded in 2012 by Waleed Merdad & Mohammad Alraddadi, the startup that had remained bootstrapped before raising this round of financing offers virtual bookkeeping services to startups and SMEs.
Pi Flow, according to the statement acts as a virtual accountant for its clients offering the bookkeeping services, VAT reporting, and financial reports for a fixed monthly fee. According to its website, it offers packages starting from SAR 1,500 per month.
The startup apparently has an in-house team of accountants who provide these services. It is not clear how Pi Flow uses technology in its operations. The statement said that it plans to use the latest funds to improve its tech.
Waleed Merdad, the co-founder and CEO of Pi Flow, in a statement, said that their mission is to support startups. He explained that bookkeeping is not something startups pay attention to in their early days and that’s what they want to change, “To me, numbers always tell the real story. You can know the detailed picture of your business if you have accurate and reliable financial data. Our promise to clients and business owners is to have these reports every month for SAR 1,500.”
Mohammad Alraddadi, the co-founder & COO of Pi Flow said that the investment will help them develop the technology to accelerate their operations. He also said that they aim to expand and cover entire the Middle East & North Africa.