What is the problem your product solves and how big is the space?
SMEs often struggle with resources and are unaware of best practices. This leads to slowness and inefficiencies in running their business operations. We, Halsimplify, help SMEs in the Middle east with our HAL ERP to run their business faster, easier and smarter. That in turn will become their competitive edge in the market.
"Globally, businesses are spending $6.4 billion on accounting software, which is expected to reach $10.5 billion by the end of 2027, with a compound annual growth rate (CAGR) of 7.4 per cent. In Saudi Arabia, the direct market exceeds $500 million and is growing more than 13 per cent annually, while the adjacent market opportunity exceeds $2 billion, said Abdullah Altamami, founding partner and CEO of Merak Capital"
Saudi Arabia is one of the largest countries in the middle east with more than 1.4 million registered businesses. As per the Tax Authority of Saudi Arabia (Zatca), of the lot, less than 400,000 businesses only have access to some level of digitization. Right now they are pushing all into the fold with electronic invoicing so the country needs Accounting/ERP/Point of Sale players to accelerate the transformation. This presents a huge opportunity for startups like Halsimplify.
What made you start this journey and how is it going so far?
We found softwares available in market were
- Not having enough systems to run operations
- Difficult for people to operate
- Lack of financial visibility - people would take months to close their books
So, we decided to create a user friendly, intuitive and business friendly ERP that is focused on speed of achieving end results.
Our Journey has been quite good and we have acquired more than 12000+ licenses in the middle east.
If your startup has received funds in the last 9 months, tell about your recent funding and how it has helped you.
Yes we have successfully raised an Angel seed fund with our friends and family network in January 2023. The funding has helped us spend more on marketing and in expanding our product team to build our product faster.
Can you give one top customer success story?
Please find one of our case study document and some real customer video testimonials
What do you look for from the Government to help startups?
We expect to get tax breaks, help with easy compliance procedures for SMEs looking to grow.
How are you able to attract talent?
We sell our product vision to them. We are not just an ordinary ERP. We aspire to become conversational ERP where people can talk to ERP naturally like they will talk to their colleagues and assistants. It is to be part of such a movement that attracts them. Also we have an ESOP (Ghost stock) mechanism.
How do you see your organization in the next 3 years?
We will triple our growth with whatever we are doing with our new funds and truly become a conversational ERP for fast-growing companies.
As a startup, what are the top 2 challenges you face now?
Predictable and consistent lead generation through organic channels
Hitting our target velocity on deal closing
What are the areas that you would like to get mentored?
Scaling our business to other geographies and building strong partnership system
How do you measure success?
Through different KPIs like # of Customers acquired, revenue target, product engagement rate.
What is your contribution to society?
We are helping people to enjoy their work, finding more time for them to spend with families and friends instead of gluing in front of the system all day