ABU DHABI, United Arab Emirates--(BUSINESS WIRE)--Bayzat, the United Arab Emirates (UAE)-based company providing a free platform for human resources (HR), payroll and employee benefits, has raised $16 million in Series B funding. The funding round was led by Point72 Ventures and is Mubadala Capitals’ first investment in a UAE-based startup. Other participants in the funding round include Elm, Greyhound Capital, Endeavor Catalyst, and Tech Invest Com.
Founded in 2013, Bayzat’s mission is to make world-class employee experiences accessible to every small- and medium-sized enterprise (SME). At its core, Bayzat is a free online platform designed to help companies manage and automate HR administration, payroll and health insurance, significantly streamlining processes for HR and finance teams.
According to Bayzat Chief Executive Officer Talal Bayaa, "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.” Bayzat count local companies such as DMCC, The Luxury Closet and Deliveroo as customers experiencing success with their solutions.
Earlier this year, the company launched its own fintech products including EarlyPay on its platform to give employees unique benefits that may not be otherwise accessible to them given the size of their companies. Since the start of 2019, Bayzat’s new monthly bookings have increased tenfold and this new funding will enable exponential growth in 2020.
Bayaa explained the importance of its recent milestone. “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.”
“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,” said Pete Casella, Partner, Point72 Ventures. “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.”
The company has now raised a total of $31 million and plan to use the recent proceeds to invest in its technology and customer experience.
About Bayzat:
Bayzat provides companies with a free platform to manage HR, payroll and benefits. Bayzat was founded by entrepreneurs Talal Bayaa, Brian Habibi and Tarek Bayaa and is headquartered in Dubai.
For more information visit https://www.bayzat.com/
About Point72 Ventures:
Point72 Ventures is a global venture capital firm led by a diverse set of domain experts with the capital to lead rounds through all stages of company growth. The firm invests primarily in Fintech, AI/ML, and Enterprise technologies. As an independent arm of Point72, the global asset management firm led by Steven A. Cohen, Point72 Ventures offers well-informed insights into the global economy. Point72 Ventures has offices in New York City, Palo Alto, San Francisco, and Stamford, Connecticut. For more information, visit: http://p72.vc/
About Mubadala Capital:
Mubadala Capital was established in 2011 as the financial investment arm of Mubadala Investment Company, operating six integrated businesses focused on various asset classes and geographies that include private equity, public equities, credit, venture, sovereign investment partnerships and Brazil. The group invests globally across the capital structure in both public and private securities, whether directly or through third-party managed funds.
In addition to managing its own balance sheet investments, Mubadala Capital manages third party capital on behalf of institutional investors in three of its businesses, including through two private equity funds and one early stage venture fund.
Mubadala Capital is based in the Abu Dhabi Global Market.
About Mubadala Investment Company:
Mubadala Investment Company is a pioneering global investor, deploying capital with integrity and ingenuity to accelerate economic growth for the long-term benefit of Abu Dhabi. As Abu Dhabi’s leading strategic investment company, with total assets over $200 billion, Mubadala is active in 16 sectors and more than 30 countries around the world, creating lasting value for our shareholder, the Government of Abu Dhabi.
Mubadala’s portfolio includes the development of global industrial champions in sectors such as aerospace, ICT, semiconductors, metals and mining and renewable energy, utilities, and the management of diverse financial holdings. We build on legacy expertise in oil and gas to invest across the hydrocarbon spectrum, and enhance the UAE’s growth potential through investments in healthcare, real estate and defense services. Our investment approach prioritizes partnership with best-in-class organizations and a commitment to the highest standards of governance.
*Source: AETOSWire
