UAE-based employee benefit platform MyBenefits, has raised a $780,000 seed round from EdgeGlobal, with participation from individual investors; Musaab Al Hakami, Turki AlJeaid.
Founded by Sherif Zaki, MyBenefits offers a SaaS platform that enables companies to streamline and standardize their staff discounts, rewards, and benefits.
MyBenefits started out as a business-to-business (B2B) marketplace for SMEs to help them get access to corporate rates on a wide variety of social services, such as health care. The company launched its prototype for its employee discount and benefits platform back in 2019 and started rolling it out officially in February last year.
“Our motto is to make work better by helping people save on day-to-day expenses. This can really go a long way,” said Zaki.
Besides the UAE, the startup is accessed by users in eight other countries across the Middle East and North Africa (Mena) region; namely Bahrain, Kuwait, Saudi, Egypt, Lebanon, Jordan, Oman, and Qatar. It currently has over 300 companies listed on its platform, servicing around 15,000 employees.
The startup claims to have registered an annual growth rate of 30 percent and doubled its customer base in the first quarter of 2021. It plans to use the fresh funds to expand into the GCC and for talent acquisition.
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