Nadya Eka Lestari
TechInAfrica — Bayzat, an HR and insurance startup based in Dubai has secured $16 million in a Series B round from Mubadala’s fund for the Middle East & North Africa (MENA), US-based Point72 Ventures, and some other investors both regional and global. Mubadala said it at the launch of its two funds for startups in the MENA region.
According to the statement by Mubadala, this funding round takes total capital raised to $31 million so far. This makes Bayzat one of the best-funded startups in the region. Bayzat has raised investment from Beco Capital, Silicon Badia, and Hamed Kanoo Co. previously.
Founded by Talal Bayaa in 2013, Bayzat offers HR and insurance solutions to SMEs and startups. Its cloud-based HR platform, which is Bayzat benefits, helps companies automate their HR administration, payroll processing, and health insurance. The startup was one of the first companies to establish operations in Abu Dhabi-based Hub71 a couple of weeks ago.
The web and mobile-based platform, which allows HR teams to manage their employee records, can make them add new records by dragging and dropping their documents into it. It also comes with the features to review, track, and approve leave requests. Bayzat’s payroll software, as a part of its HR platform, allows employers to process their payroll, receive and approve or reject reimbursement and salary advance requests, and generate payslips at the end of every month.
Its mobile app enables employees of any company using its solutions to make requests for leaves, reimbursements, and salary advances. It also enables them to gain access to the details of their insurance policy and search hospitals and clinics covered by it.
In addition to its cloud-based HR platform, the startup also has an insurance comparison platform that allows individuals and companies to compare and buy insurance online, even those that are not using its HR solutions.
Read also: How Cloud Technology Uses Differently in Three African Countries
Bayzat empowers more than 30,000 employees with its services being used by companies like Subway, Fetchr, Mumzworld, Deliveroo, and many others, according to its website.
Talal Bayaa, the founder and CEO of Bayzat, said, “The opportunity lies in enhancing the employee experience of 70 percent of SMEs in the UAE that don’t have HR automation in place. We’re incredibly excited to build technology-enabled experiences that meet the challenges faced by our customers.”
“Point72 Ventures and Mubadala are two of the leading and most respected venture investors globally – I can’t overstate how delighted we are to have them as partners on our journey,” he said.
A Partner at Point72, Pete Casella, said, “Bayzat’s world-class technology suite modernizes the human resources and payroll experience for small business owners in the Middle East, solving a real pain point. We’re pleased to support the company’s continued growth as they build out their suite of financial services offerings.”
Ibrahim Ajami, Head of Mubadala Ventures, also mentioned, “We are excited to join the Bayzat growth story. Talal and his management team have built a world-class company, further validated by attracting international investment into the region. We look forward to accelerating Bayzat’s growth by partnering with Hub71 and Abu Dhabi.”
Bayzat aims to utilize the latest capital to invest in its customer experience and technology.
Source: MenaBytes.com
