Bayzat Raises US$5 Million From Silicon Badia, BECO Capital And Others As Part Of Its Series A
Bayzat
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Bayzat, a tech startup providing insurance and HR solutions in the MENA market, has raised US$5 million in funding in “a Series A-1 round (meaning a continuation/top up of the earlier Series A funding) from new investors Silicon Badia, and existing investors BECO Capital and Hamed Kanoo Co LLC. According to a statement by Bayzat, this additional funding takes the startup’s total investment in this round to over $8 million, besides an initial funding tranche earlier this year from strategic investors, With the startup having already made inroads in the market with their insurance solutions, Bayzat says it aims to utilize the funding to “accelerate the rollout of its popular HR software, Bayzat Benefits,” a HR platform that comprises features like leave, employee records, and employee insurance management, among others.
As most of the region’s enterprises, especially SMEs, continue to utilize fairly basic Microsoft Office tools to manage their Human Resource (HR) tasks, Bayzat aims to offer a simple and more efficient alternate to streamline processes such as leave management, payroll, employee record maintenance etc. Originally launching as a tech platform for financial advice and health insurance in the UAE, the startup then pivoted to insurance, and then recently also diversified into automation of HR management with its new product Bayzat Benefits.
Image credit: Bayzat.
Talal Bayaa, CEO, Bayzat
Amir Farha, Managing Partner, BECO Capital. Image credit: BECO Capital.
Amir Farha, Managing Partner at BECO Capital
Namek Zu’bi, Managing Partner, Silicon Badia. Image credit: Silicon Badia.
insurance vertical for the region
Related: “We Got Funded!”: HR Technology Startup Bayzat Closes US$3 Million Funding Round
Bayzat, a tech startup providing insurance and HR solutions in the MENA market, has raised US$5 million in funding in “a Series A-1 round (meaning a continuation/top up of the earlier Series A funding) from new investors Silicon Badia, and existing investors BECO Capital and Hamed Kanoo Co LLC. According to a statement by Bayzat, this additional funding takes the startup’s total investment in this round to over $8 million, besides an initial funding tranche earlier this year from strategic investors, With the startup having already made inroads in the market with their insurance solutions, Bayzat says it aims to utilize the funding to “accelerate the rollout of its popular HR software, Bayzat Benefits,” a HR platform that comprises features like leave, employee records, and employee insurance management, among others.
As most of the region’s enterprises, especially SMEs, continue to utilize fairly basic Microsoft Office tools to manage their Human Resource (HR) tasks, Bayzat aims to offer a simple and more efficient alternate to streamline processes such as leave management, payroll, employee record maintenance etc. Originally launching as a tech platform for financial advice and health insurance in the UAE, the startup then pivoted to insurance, and then recently also diversified into automation of HR management with its new product Bayzat Benefits.
