Bayzat, the UAE-based free platform for human resources (HR), payroll and employee benefits, has raised $16 million in Series B funding led by Point72 Ventures to make world-class employee experiences accessible to every small- and medium-sized enterprise (SME).
According to Bayzat Chief Executive Officer Talal Bayaa, “The opportunity lies in enhancing the employee experience of 70 percent of SMEs in the UAE that don’t have HR automation in place. We’re incredibly excited to build technology-enabled experiences that meet the challenges faced by our customers.” Bayzat count local companies such as DMCC, The Luxury Closet and Deliveroo as customers experiencing success with their solutions.
This round is Mubadala Capitals’ first investment in a UAE-based startup. Other participants in the funding round include Elm, Greyhound Capital, Endeavor Catalyst, and Tech Invest Com.
Founded in 2013 by Talal Bayat, Brian Habibi and Tarek Bayaa and headquartered in Dubai, Bayzat has now raised a total of $31 million and plan to use the recent proceeds to invest in its technology and customer experience.
Bayzat helps companies manage and automate HR administration, payroll and health insurance, significantly streamlining processes for HR and finance teams.
Earlier this year, the company launched its own fintech products including EarlyPay on its platform to give employees unique benefits that may not be otherwise accessible to them given the size of their companies. Since the start of 2019, Bayzat’s new monthly bookings have increased tenfold and this new funding will enable exponential growth in 2020.
Ibrahim Ajami, Head of Mubadala Ventures, said, “We are excited to join the Bayzat growth story. Talal and his management team have built a world class company, further validated by attracting international investment into the region. We look forward to accelerating Bayzat’s growth by partnering with Hub71 and Abu Dhabi.”
Bayzat is delighted to have Point72 Ventures and Mubadala, two of the leading and most respected venture investors globally as its partners.
“Bayzat’s world-class technology suite modernizes the human resources and payroll experience for small business owners in the Middle East, solving a real pain point,” said Pete Casella, Partner, Point72 Ventures. “We’re pleased to support the company’s continued growth as they build out their suite of financial services offerings.”