Bayzat, the UAE-based company providing a free platform for human resources, payroll and employee benefits, has raised $16 million in Series B funding.
The funding round was led by Point72 Ventures and is Mubadala Capital’s first investment in a UAE-based start-up. Other participants in the funding round included Elm, Greyhound Capital, Endeavor Catalyst and Tech Invest Com.
The company has now raised a total of $31 million and plans to use the new funds to invest in its technology and customer experience.
Founded in 2013, Bayzat’s mission is to make world-class employee experiences accessible to every small- and medium-sized enterprise (SME). At its core, Bayzat is a free online platform designed to help companies manage and automate HR administration, payroll and health insurance.
Bayzat CEO Talal Bayaa 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.”
Bayzat count local companies such as DMCC, The Luxury Closet and Deliveroo among their customers.
Earlier this year, the company launched its own fintech products including EarlyPay on its platform to give employees benefits that may not be otherwise accessible to them given the size of their companies.
Since the start of 2019, Bayzat said its new monthly bookings have increased tenfold and the new funding will enable further growth in 2020.
“Bayzat’s world-class technology suite modernises the human resources and payroll experience for small business owners in the Middle East, solving a real pain point,” said Pete Casella, partner, Point72 Ventures. “We’re pleased to support the company’s continued growth as they build out their suite of financial services offerings.”
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