Bayzat secures $25 million in Series C funding
- ByStartupStory | December 27, 2022
Bayzat, a business in HR technology based in the UAE, has raised $25 million in Series C funding led by DisruptAD and the international hedge fund Ischyros New York. With this money, the team hopes to expand across Saudi Arabia and the Middle East.
The business has now secured $60 million in total capital. Tarek Bayaa, Brian Habibi, and Talal Bayaa founded Bayzat in 2013. It assists firms with the automation of operational operations related to insurance, payroll, and human resources.
Co-founder and CEO Talal Bayaa mentioned in a note by StartupScene that their goal is to empower employees with a platform that functions as a self-serve HR system. It facilitates payroll automation, opens up employee perks, and enhances insurance strategies.
More than 1,500 of the startup’s businesses are located in the GCC, including Saudi Icon, Grant Thornton, Eyewa, Deliveroo, and others. The firm claims 350 employees in the MENA area and three years of 100% yearly growth.
According to a survey by Wamda and Digital Digest, startups in the MENA region raised $439 million in 39 deals in November of this year. On a monthly basis, the funding value dropped 32% while the number of deals dropped 43%. Startups reported investments of $646 million in October.
However, compared to the $284 million that companies raised during the same week last year, the total fundraising value in November 2022 increased by 55%.
Follow Startup Story
Related Posts
