Bayzat, a UAE-based HR-tech and payroll software startup has recently raised $25 million in its Series C investment round led by DisruptAD, ADQ’s venture platform, alongside Ischyros New York, a global hedge fund, bringing its total raised to date to $60 million. The startup will use the funds to expand its customer base across the Middle East, with a particular focus on Saudi Arabia. This focus on innovation has enabled the company to establish itself as the category leader in the UAE, as pioneers in InsureTech, HR and payroll automation, and employee benefits through a Software as a Service (SaaS) platform.
Co-founded by Brian Habibi, Talal Bayaa, and Tarek Bayaa in 2013, Bayzat is a technology company that helps organisations deliver world-class employee experiences by automating and enhancing their insurance, payroll, and HR administration processes. Over the past three years, the company has recorded more than 100 per cent annual growth and has grown its workforce to almost 350 employees across the UAE, Saudi Arabia and the wider region.
Speaking about the platform, Co-founder & CEO of Bayzat, Talal Bayaa, said:
From the pivot to hybrid work and the globalisation of the talent pool, to the influx of millennials and Gen Z professionals into the workforce, Bayzat now sees its value proposition being more relevant than ever. “In today’s economic climate, employee experience is a business imperative and organisations can no longer pay lip service to discussions around this topic.
Bayaa further added:
Whether it is to empower employees with self-serve HR, streamline payroll, optimise group insurance plans, or unlock exceptional employee benefits, our customers are seeing tremendous value from the Bayzat platform. Furthermore, our focus on hyper-localisation sets us apart as one of the only providers in the market with an offering that is finely tuned to the regulations, requirements and nuances of the region. This is what we call the Bayzat Effect, and it is a movement that is gaining momentum and fuelling our growth across the GCC.
Currently, Bayzat provides its services to 127,000 employees across 1,500 businesses in the GCC, including Deliveroo, Zomato, Saudi Icon, Grant Thornton, Eyewa, and The Giving Movement. Moreover, the firm has had over 100% in annual growth over the last three years, employing almost 350 people across the UAE, Saudi Arabia, and the wider MENA region.
Commenting on the fundraising, Head of Venture Capital & Technology Investments, ADQ, Amer Al Ameri, said:
Our investment in Bayzat represents our long-term commitment to enhance the UAE’s innovative ecosystem. Funding innovative platforms helps grow the local start-up community and accelerate the pace at which companies can expand globally from the UAE’s capital. Ultimately, we act as a long-term partner to the founding teams of tech driven companies and deploy capital in start-ups at all stages with the highest potential. We are extremely impressed with Bayzat’s journey and how they are building a long-term sustainable business model. We believe Bayzat is well positioned to become the indisputable leader as the HR & Insurtech platform of reference for companies in the Middle East.
In August this year, Bayzat raised funds from The Mohammed Rashid Innovation Fund (MBRIF). Prior to that, the company had raised $16 million as a part of its Series B round in October 2019. The capital came from Point72 Ventures, Mubadala Capital, Elm, Greyhound Capital, Endeavor Catalyst and Tech Invest Com.