Dubai-based Bayzat has raised an additional $5 million in its Series A-1 round from Silicon Badia, and existing investors BECO Capital and Hamed Kanoo Co. This takes the total funding raised in this round to $8 million. The startup had raised $3 million as first trench of the round earlier this year from unnamed investors. taking the total round to $8 million.
Founded in 2013 by Talal Bayaa, Bayzat sells insurance and HR solutions to companies in the region. The startup helps individuals and companies buy and use health insurance. It has connected more than 18,000 individuals in the region with health insurance until now.
“Bayzat’s dual strategy and core focus on building unique technology for this market is what attracted us to this business initially,” said Namek Zu’bi, Managing Partner, Silicon Badia when discussing their investment. “Add a stellar management team and you have a recipe for success in a highly fragmented and inefficient industry.”
Since launching the platform in 2015, Bayzat claims to have experienced exceptional growth and over 350% increase in their revenues, which is partially due to decision of switching to mandatory health insurance by many countries in the region. Apart from insurance, Bayzat also sells different HR solutions through its SaaS platform Bayzat Benefits.
Amir Farha, Managing Partner at BECO Capital, speaking about the investment, said: “Talal and his leadership team continue to learn and build out extremely exciting and novel products for the regions’ SMEs. They understood their
customers pain points and have developed solutions, specifically for HR and employee benefits, that will transform the way SMEs manage and engage with their staff. The HR platform has become an integral part of the Bayzat overall suite of services, as the company looks to launch several new features over the next 12 months that will continue to create enormous efficiencies for their customers.”
Talal Bayaa, Founder & CEO of Bayzat said that the company will be putting more resources into developing its HR software: “The Middle East’s technology market is undeveloped, particularly in the form of SaaS. Companies are restricted to paper-driven archaic processes because they are not aware of any alternatives. Inefficient procedures like manual employee record management and payroll are a drain on businesses and their employees, and yet it continues to flourish here; one of the most forward-thinking countries on the planet! It’s a pain point we see across the region that desperately needs resolving.”
This is the third time in little more than one year that the company has raised multi-million-dollar investment. With this $5 million, the total investment raised by Bayzat has reached ~$12.5 million.
Latest posts by MB Staff (see all)
- Rush Brush witnesses increased consumer demand during pandemic - September 21, 2020
- Saudi angel groups Riyadh Angels and Najd Angels announce merger - September 14, 2020
- Kuwait’s Boutiqaat looking to raise fresh funds at a valuation of up to $1 billion: report - June 25, 2020