The investment, led by Prosus Ventures, is one of the largest early-stage AI investments in the Middle East and North Africa (MENA) region.

The company, founded in 2023 by ex-Google and DeepMind engineers Morteza Ibrahimi, Ahmad Khwileh, and Dina Alsamhan, is developing AI-powered agents that help online retailers automate content creation, marketing, and customer engagement. 

According to Qeen.ai, its AI solutions have already reached over 15 million users and generated one million product descriptions, contributing to a 30% increase in sales for merchants using its platform.

The e-commerce sector in MENA is projected to reach $50 billion by 2025, with Saudi Arabia and the UAE leading the expansion. While global e-commerce currently accounts for 15% to 20% of retail sales, Qeen.ai believes this figure could grow if merchants optimise their operations beyond paid advertising.

“We worked with a client to optimise their content and SEO. After using our AI plugins, their search volume increased by 40%, and their Google ranking improved from 22 to 18—all with zero manual effort. The entire process was fully autonomous,” said Ibrahimi.

Qeen.ai’s AI technology personalises content dynamically based on user behaviour and device type. For example, mobile users may receive concise bullet-point summaries, while desktop users get detailed descriptions.

AI-powered marketing tools have gained global traction, with companies in the US and Europe offering similar solutions. However, Qeen.ai is targeting an underserved market by prioritising MENA before expanding internationally.

“One of the most exciting things we’ve seen is the quality of AI talent here,” said Ibrahimi. “We’ve attracted great talent both locally and internationally—people have left the Bay Area, Europe, and the UK to come here and build with us.”

The company operates on a subscription-based model, charging merchants per active SKU for content automation and on a per-interaction basis for AI-driven marketing services. Notable clients include Dubai Store, 6th Street, and Jumia.

With a team of over 25 employees across the UAE and Jordan, Qeen.ai plans to use its latest funding to expand its AI capabilities, scale its workforce, and attract more e-commerce businesses. Investors in this round include Wamda Capital, 10X Founders Fund, and Dara Holdings.

Having raised a total of $12 million within a year, Qeen.ai is boosting the AI-driven growth of online retail in the region.

Included in the seed round for Wafeq was Wamda Capital, who with Raed Ventures are one of the most prominent names in the region’s early-stage funding ecosystem.

Built for the unmet finance and accounting needs of small and medium businesses in the Middle East, this fundraise will fuel Wafeq’s entry into Egypt, while doubling down on its presence in Saudi Arabia and the UAE. Businesses using Wafeq create over 630,000 invoices every month, with total monthly invoiced amounts exceeding $117 million (SAR 440 mn+).

In Egypt, Saudi Arabia, and the UAE SMEs comprise over 98%, 90% 94% of all companies registered respectively. With most regional accounting still done manually or through legacy software, and global solutions not compatible with country-specific requirements, Wafeq was founded to help SMEs run a better business by solving their finance and accounting challenges.

With the digitization of accounting practices in Saudi Arabia and Egypt and the introduction of corporate tax in the UAE, the three largest economies in North Africa and the GCC are undergoing a significant shift in financial reporting. Wafeq meets every requirement of Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA), the UAE’s Federal Tax Authority, and soon the Egyptian Tax Authority.

Nadim Alameddine, CEO & Founder, Wafeq, said, “Thriving small and medium businesses continue to power the engines of our economy. However as they grow, they need to comply with current and new accounting regulations in this dynamic ecosystem. With Wafeq, we are simplifying and reimagining accounting compliance for business owners and accountants. Together with the backing of Raed Ventures and Wamda Capital, we are excited about our entry into Egypt while growing our presence in Saudi Arabia and the UAE.”

Wafeq’s technology helps businesses run better, by staying compliant with existing and new laws without losing focus on their core operations. The company’s platform streamlines the entire accounting process for its clients, from building records to tracking sales and invoicing, to automating bank transactions and generating reports.

With its recent funding, Wafeq will continue to innovate and build new product functionalities, while also focusing on customer acquisition and hiring strategically across technical and non-technical roles.

Talal Alasmari, Founding Partner, Raed Ventures commented, “We are thrilled to back Wafeq as they solve a problem that impacts thousands of businesses in the region. The digitalisation of accounting practices will truly transform how SMEs here operate, increasing operational transparency, creating efficiencies and contributing to economic growth.”

Wafeq also offers a standalone e-invoicing API enabling businesses to stay compliant with e-invoicing regulations while maintaining their existing accounting software. This solution will allow startups and large businesses who require a reliable third party to manage the complexities of e-invoicing, which legacy solutions cannot meet.

Fadi Ghandour, Managing Partner, Wamda Capital added, “Wafeq’s team and vision for helping businesses in the Middle East streamline their accounting processes is unparalleled. We are excited about what the platform can achieve for businesses in the region and their ability to make a meaningful impact.”

Launched in 2019, Wafeq initially focused on startups and acquired customers in category-leading businesses such as Tabby, Lean Technologies, DAPI, Fenix, PiFlow, Ziina, Platinum List, and Invygo. It then quickly expanded to long-tail SMEs in a diverse range of industries, including contracting, food and beverage, ecommerce, retail, and more.