By Wamda - Image Credit: Bayzat
Bayzat, a provider of insurance and HR solutions in the MENA region, announced it has secured an additional $5 million in funding led by Silicon Badia, a VC firm based in the MENA region and in the US, alongside existing investors BECO Capital and Hamed Kanoo Co LLC.
This additional funding brings Bayzat’s total funding in this Series A-1 round to over $8 million after the company received its initial funding tranche earlier this year from strategic investors.
Bayzat was founded by entrepreneurs Talal Bayaa and Brian Habibi and is currently headquartered Dubai. It has so far 18,000 lives insured through their site.
According to Bayaa, CEO, the desire to allocate more resources towards developing his firm’s HR software is a decision borne of experience. “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.”