Dubai-based HR and insurance startup Bayzat has raised $16 million in a Series B led by Mubadala’s newly launched fund for MENA and US-based Point72 Ventures, the startup announced in a statement to MENAbytes. The round was also joined by Saudi-based Elm and Tech Invest Com, US-based Endeavor Catalyst and London-based Greyhound Capital.
The round, per statement, takes total capital raised so far by Bayzat to $31 million. This makes it one of the best-funded startups in the region. The startup has previously raised investment from Beco Capital, Silicon Badia, and Hamed Kanoo Co.
Founded in 2013 by Talal Bayaa, Bayzat provides HR and insurance solutions to SMEs and startups. Its cloud-based HR platform (Bayzat Benefits) helps companies automate their HR administration, payroll processing, and health insurance. It was one of the first companies to set up operations in Abu Dhabi-based Hub71 a few weeks ago.
The web and mobile-based platform that allows HR teams to manage their employee records allows them to add new records by dragging and dropping their documents into it. It also allows them to review, track, and approve leave requests. Bayzat’s payroll software that’s part of its HR platform allows employers to process their payroll, receive and approve or reject reimbursement and salary advance requests through its EarlyPay program (which was launched earlier this year), and generate payslips at the end of every month.
Bayzat’s mobile app allows employees of any company using its solutions to make requests for leaves, reimbursements, and salary advances. It also allows them to access the details of their insurance policy and search hospitals and clinics covered by it.
The startup, in addition to its cloud-based HR platform, also runs an insurance comparison platform that allows individuals and companies (even those that are not using its HR solutions) to compare and buy insurance online.
According to its website, Bayzat empowers over 30,000 employees with its services being used by companies like Subway, Fetchr, Mumzworld, Deliveroo, and many others.
Talal Bayaa, Bayzat’s founder and CEO, commenting on the occasion, said, “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.”
“Point72 Ventures and Mubadala are two of the leading and most respected venture investors globally – I can’t overstate how delighted we are to have them as partners on our journey,” he added.
Pete Casella, a Partner at Point72, said, “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. We’re pleased to support the company’s continued growth as they build out their suite of financial services offerings.”
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 plans to use the latest capital to invest in its technology and customer experience.
Update – Oct 22, 2019 – 9:45 AM GMT: The story was updated with more details after recieving a statement from Bayzat about the investment.