KSA-based HR platform Palm.hr closes Bridge round
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The KSA-based HR platform and SaaS startup palm.hr has successfully raised an undisclosed amount in its latest fundraise. The bridge round was led by Nama Ventures with the participation of key angel investors from Saudi Arabia.
Founded in 2019, palm.hr is set to redefine the HR & employee experience for SMEs throughout the Middle East by providing a fully integrated platform for multi-servicing. Palm.hr handles all HR processes from onboarding, time & vacation tracking, payroll, offboarding, and much more – all fully compliant with local standards and regulations.
Based on our recently released July 2021 Venture Investment Dashboard, every 10th transaction in MENA in the first month of Q3 was closed by an Enterprise Software startup. While other GCC-operating HR SaasS solutions platforms specialize in one facet of operations, like Arrow labs focusing on workflow management, or Saudi-based Sabbar focusing on temporary staffing, palm.hr provides a seamless consolidated platform for full HR support.
The HR platform has been providing tech-driven solutions to support high-functioning and small teams alike. Coming from different backgrounds, the team identified the pain points of a lacking HR system and launched palm.hr as a solution in Saudi markets. At the core of palm.hr’s operations is a human-centric approach as co-founder and CEO Richard Schrems explains “People are the single biggest influence on the success of any business, yet over 75% of companies do not use a digital solution to manage them. Our ambition is to become the category-leading work experience platform for companies in the Middle East – getting people engaged and working as efficiently as possible. With hundreds of companies using our platform in Saudi Arabia already, we are excited to offer our solution across the GCC & MENA region in coming months.”
With these newly acquired funds, the founding team of 3 with an accumulated experience in HR, Operations, and App Development plan to further develop their platform and expand into new markets in MENA. It is the transformative potential that has attracted Nama Ventures to Palm.hr since the start of their entrepreneurial journey as Mohammed Alzubi, Managing Partner of Nama Ventures concluded “Palm.hr is exactly what we look for in a seed opportunity: a complementary founding team with deep domain expertise in the HR space and has delivered a game-changing platform for SMEs in Saudi Arabia. We are honored and privileged to work with them, learn from them, and add value on their high-growth journey.”
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