UAE’s Bayzat mulls expansion in Saudi after new funding round

Bayzat

UAE-based employee benefits platform Bayzat has closed a Series C funding round, raising $25 million, the company said in a statement.

The funding round was led by DisruptAD, ADQ’s venture platform, alongside Ischyros New York, a global hedge fund. 

To date, Bayzat’s has raised more than $60 million in funding by receiving backing from leading investors such as Mubadala Capital and Point72 Ventures.

Bayzat will use the funds to expand its customer base across the Middle East, focusing on Saudi Arabia. 

Amer Al Ameri, head of venture capital and technology investments at ADQ, said: “Funding innovative platforms helps grow the local startup community and accelerate the pace at which companies can expand globally from the UAE’s capital.”

Founded in the UAE in 2013, Bayzat is a technology company that helps organisations automate and enhance their insurance, payroll, and HR administration processes.

Over the past three years, the company has recorded more than 100 percent annual growth and has grown its workforce to almost 350 employees across the UAE, Saudi Arabia and the wider region.

Currently, Bayzat serves over 127,000 employees in over 1,500 companies in the GCC. The company’s online HRMS platform receives more than two million employee logins per month.