Bayzat raises $25M in Series C funding
The UAE-based HR and payroll software startup plans to use this funding to grow its base across Saudi Arabia, and the Middle East.
UAE-based HR tech startup has raised $25 million in Series C funding led by DisruptAD, the global hedge fund Ischyros New York. The team plans to use this funding to grow its base across Saudi Arabia, and the Middle East.
The total funding raised by the startup is now at $60 million. Bayzat was founded in 2013 by Tarek Bayaa, Brian Habibi, and Talal Bayaa. It helps businesses with the automation of payroll and HR operational processes, and insurance.
In a note by StartupScene, Co-founder and CEO Talal Bayaa stated that their idea is to empower employees with a platform that works as a self-serve HR system. It helps streamline payroll, unlock employee benefits, and optimise insurance plans.
The startup has over 1,500 businesses in the GCC like Saudi Icon, Grant Thornton, Eyewa, Deliveroo and others. The startup says it has had 100% annual growth in three years and has 350 employees across the MENA region.
A report by Wamda and Digital Digest stated that startups in MENA raised $439 million in November this year, across 39 deals. However, on a month-on-month basis, the value of funding fell 32%, while the deal count declined by 43%. In October, startups recorded investments of $646 million.
Yet the total funding value in November 2022 was up 55% from the $284 million raised by startups in the same period last year.
Edited by Saheli Sen Gupta