Saudi HR-tech startup palm.hr raises $5M in pre-series A round
The company will use the funds to scale its product and expand regionally.
Saudi HR-tech platform has raised $5 million in its pre-series A round co-led by Speedinvest and Raed Ventures with participation from MENA-focussed Wamda Capital.
The company will use the funds to scale its product offerings and ramp up hiring to support its customer acquisition efforts. It also aims to expand across Saudi Arabia, Egypt, and the UAE.z
The investment also marks Europe-based early-stage investor Speedinvest's entry into Saudi Arabia.
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Launched in 2019 by Richard Schrems, Christoph Czichna and Dragan Nikolic, palm.hr was built to support the Saudi Vision 2030, empowering businesses with technology to attract, develop and retain employees. Employees in companies such as Saudi Venture Capital, Mozn, Jeeny, Rabbit and more use palm.hr.
The company’s platform can be configured to meet local labour laws and employment regulations in different markets across the region. It has a single platform for workforce data and management and includes features for employee engagement, payroll, insurance, documentation, and more. For multinational businesses in the region, it also has a built-in multi-currency feature to support international payments.
In Saudi Arabia, palm.hr also has integrated with government services such as Mudad, The General Organization for Social Insurance (GOSI), and Muqeem.
Palm.hr is available for users on desktops, with mobile applications available for both Android and iOS users.
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Edited by Affirunisa Kankudti
