The region’s leading employee benefits platform ,Bayzat, has closed a Series C funding round, raising $25 million. The funding round was led by DisruptAD, ADQ’s venture platform, alongside Ischyros New York, a global hedge fund.
To date, Bayzat has raised more than $60 million in funding by receiving backing from leading investors such as Mubadala Capital, and Point72 Ventures.
Founded in 2013, the UAE-based Bayzat is a tech company that helps organizations deliver world-class employee experiences by automating and enhancing their insurance, payroll, and HR administration processes.
Over the past three years, the company has recorded more than 100% annual growth and has grown its workforce to almost 350 employees across the UAE, Saudi Arabia and the wider region.
“In today’s economic climate, employee experience is a business imperative and organizations can no longer pay lip service to discussions around this topic,” said Talal Bayaa, CEO and co-founder at Bayzat.
“Whether it is to empower employees with self-serve HR, streamline payroll, optimize group insurance plans, or unlock exceptional employee benefits, our customers are seeing tremendous value from the Bayzat platform. Furthermore, our focus on hyper-localisation sets us apart as one of the only providers in the market with an offering that is finely tuned to the regulations, requirements and nuances of the region. This is what we call the Bayzat Effect, and it is a movement that is gaining momentum and fuelling our growth across the GCC.” added Bayaa.
Amer Al Ameri, Head of Venture Capital and Technology Investments at ADQ, said: “Our investment in Bayzat represents our long-term commitment to enhance the UAE’s innovative ecosystem. Funding innovative platforms helps grow the local start-up community and accelerate the pace at which companies can expand globally from the UAE’s capital. Ultimately, we act as a long-term partner to the founding teams of tech driven companies and deploy capital in start-ups at all stages with the highest potential.”
The company will use the funds to expand its customer base across the Middle East, with a particular focus on Saudi Arabia.
Currently, Bayzat serves 127,000+ employees in more than 1,500 companies in the GCC including Deliveroo, Zomato, Saudi Icon, Grant Thornton, Eyewa, and The Giving Movement.
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