Bayzat, the Dubai-based HR and insurance startup, has received an impressive $16 million in the company’s ongoing Series B round. The lion’s share came from the newly launched MENA-based fund by Mubadala, with significant contributions coming from multiple regional and global investors including US-based Point72 Ventures.
Confirming its participation in Bayzat’s latest funding round, Mubadala stated earlier this week that the company has set up two separate funds for startups based in the Middle East and North Africa.
With the success of the Series B round, Bayzat’s valuation has now shot up to $31 million, thus emerging one of the best-funded startups across the region. The company had previously raked in significant capital from several prominent brands in the VC industry including Silicon Badia, BECO Capital, and Hamed Kanoo.
Bayzat has been around since 2013 and currently boasts a notable presence in the HR and insurance sectors. Its cloud-based platform enables users to automate HR administration, health insurance, and payroll processing. The startup’s clientele primarily consists of small and medium enterprises.
Bayzat Chief Executive Officer Talal Bayaa said, “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.”
“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,” he continued.
Aside from its HR-focused solutions, Bayzat also operates a separate insurance-comparison platform where individual users and businesses can compare insurance plans offered by different companies.
By its own estimate, Bayzat has made an impact on the lives of more than 30,000 employees across its target markets. The company will likely invest the newly raised capital to further improve its technology and customer experience.