Dubai-based Bayzat that provides HR & insurance solutions has raised $3 million in funding from an unnamed investor earlier this week. The startup that was co-founded by Talal Bayaa has raised $3 million or more for the second time in less than an year. Their last round which was led by BECO Capital in November 2016 was of $3.5 million.
Talal Bayaa, Co-Founder & CEO of Bayzat in a statement said “People who are interested in supporting technology start-ups in promising sectors see Bayzat as a unique opportunity and a forerunner in the arena. Moreover, with recent government motions to make insurance mandatory for employees and their dependents, there has been an influx in the demand for insurance solutions like Bayzat, making it a relevant company to choose to invest in.”
The startup that helps individuals and companies buy and use health insurance has connected more than 12,000 individuals in the region with health insurance and receives more than 50,000 visits every month from those looking to learn and compare insurance plans from different regional providers.
Because of gradual implementation of mandatory health insurance across Dubai, the startup has seen growth of over 350% per annum and has grown its workforce from 12 to over 50 employees in 2017 to support their expanding database.
Having established the insurance solution, Bayzat looks towards greatly developing its fledgling Human Resource Management System (HRMS) to address different pain-points experienced by human resources through automation.
Bayzat’s HR software efficiently uploads all employee records and leave documents onto a cloud based system which includes upload of confidential information such as employee visa and passport data directly to the necessary fields through OCR technology, turning mundane tasks like data entry into a 5-minute process.
They have companies like MacKenzie Jones, Deliveroo, Fetchr, MumzWorld, Al Al Alali, Manóushe Street, Bayut and Propertyfinder.ae using their products right now.