Bayzat raises $16m in Series B funding
The funding round was led by Point72 Ventures and Mubadala Capital.
Bayzat, company providing a free platform for Human Resources (HR), payroll and employee benefits, has raised $16 million in Series B funding. The funding round was led by Point72 Ventures and is Mubadala Capitals' first investment in a UAE-based startup. Other participants in the funding round include Elm, Greyhound Capital, Endeavor Catalyst, and Tech Invest Com.
Bayzat is a free online platform designed to help companies manage and automate HR administration, payroll and health insurance, significantly streamlining processes for HR and finance teams. Bayzat count local companies such as DMCC, The Luxury Closet and Deliveroo as customers experiencing success with their solutions.
Around 1,000 companies and 30,000 employees have signed up for Bayzat so far. The startup plans to fund its product development and market expansion through its series B funding and build its localised solutions on Bayzat Benefits platform to meet the needs of companies in the UAE; including the release of innovative fintech solutions for employers and employees. The company has now raised a total of $31 million and plan to use the recent proceeds to invest in its technology and customer experience.
Talal Bayaa, chief executive officer, Bayzat, said: "The opportunity lies in enhancing the employee experience of 70 per cent 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."
Earlier this year, the company launched its own fintech products including EarlyPay on its platform to give employees unique benefits that may not be otherwise accessible to them given the size of their companies. Since the start of 2019, Bayzat's new monthly bookings have increased tenfold and this new funding will enable exponential growth in 2020.
"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," 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."
Ibrahim Ajami, head of Mubadala Ventures, said "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." - email@example.com
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