palm.hr, Saudi Arabia’s HR tech platform, raises $5 million in a Pre-Series A round co-led by Speedinvest and RAED Ventures. This round also saw participation from MENA-focused VC firm Wamda Capital.
“The MENA region is transforming at an incredible pace and businesses recognize the need to be empowered by technology and create meaningful workplace experiences. That is why we built palm.hr, to equip HR professionals with the tools they need to succeed. With the backing of our investors, we are excited to kick off our next stage of growth and play a role in contributing to the future of the region’s economy,” Richard Schrems, CEO & Co-founder, palm.hr, said.
palm.hr was founded in 2019 by Richard Schrems, Christoph Czichna, and Dragan Nikolic, as a single platform for workforce data and management, the platform also includes features for employee engagement, payroll, insurance, documentation, and more.
As part of its strategic plans, the startup will invest extensively in scaling up its product offering, while also hiring to support customer acquisition efforts to support its regional expansion. With this investment, palm.hr will expand to Egypt and UAE while doubling down on its presence in Saudi Arabia.
In Saudi Arabia, palm.hr also features integrations with government services such as Mudad for digital payroll and compliance mandated by the Ministry of Labor in KSA, The General Organization for Social Insurance (GOSI), and Muqeem, the foreign employees’ data platform, in addition to providing advisory services to clients as required.
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