Bayzat secures additional $5 million in funding from venture investors
Bayzat gears towards accelerated growth in 2018, and aims to tackle MENA’s mounting need for HR and insurance solutions.
Bayzat, a leading provider of insurance and HR solutions in the Middle East North Africa (MENA) region, has secured an additional $5 million in funding led by new investor Silicon Badia, a prominent venture capital firm based in the MENA region and US, alongside existing investors BECO Capital and Hamed Kanoo Co LLC. This additional funding brings Bayzat’s total funding in this Series A-1 round to over $8 million after the company received its initial funding tranche earlier this year from strategic investors.
“Bayzat’s dual strategy and core focus on building unique technology for this market is what attracted us to this business initially. Add a stellar management team and you have a recipe for success in a highly fragmented and inefficient industry,” said Namek Zu'bi, Managing Partner, Silicon Badia when discussing the investment.
Since its launch in 2015, Bayzat has experienced exceptional year-on-year growth (over 350 per cent increase in revenue). Supplemented by the region’s switch to mandatory insurance and the mounting need for technology solutions for both insurance and business processes, the start-up has succeeded in capturing a portion of a $30 billion premium market in the MENA region. With a firm foothold on the current insurance landscape, Bayzat has started bolstering its efforts to refining its burgeoning HR automation platform–Bayzat Benefits.
“Talal [Bayaa, CEO, Bayzat] and his leadership team continue to learn and build out extremely exciting and novel products for the regions' SMEs. They understood their customers pain points and have developed solutions, specifically for HR and employee benefits, that will transform the way SMEs manage and engage with their staff. The HR platform has become an integral part of the Bayzat overall suite of services, as the company looks to launch several new features over the next 12 months that will continue to create enormous efficiencies for their customers," said Amir Farha, Managing Partner at BECO Capital.
According to Bayaa, the desire to allocate more resources towards developing its HR software is a decision borne of experience. “The Middle East’s technology market is undeveloped, particularly in the form of SaaS. Companies are restricted to paper-driven archaic processes because they are not aware of any alternatives. Inefficient procedures like manual employee record management and payroll are a drain on businesses and their employees, and yet it continues to flourish here; one of the most forward-thinking countries on the planet! It’s a pain point we see across the region that desperately needs resolving.”
Since Bayzat Benefit’s induction, the platform has introduced a host of different tools and automation prospects to alleviate mundane company administrative work. OCR technology, which gives users the ability to extract important information (from passports of Emirates IDs) directly from scanned images, enables professionals from all departments to upload sensitive data quickly and easily directly onto Bayzat’s platform.
Their well-received leave management feature invites employees and employers to submit time-off requests without cluttering email trains. With the ability to review, reject or accept requests from one centralised system, HR professionals have the capacity to accurately address time-off requests without cross referencing with other departments for information.
Bayzat’s latest payroll addition looks to streamline a pivotal area for finance and HR management. Employees uploaded onto Bayzat Benefits’ will have their salary and commission information stored and configured automatically, allowing finance and HR professionals to allocate more time to nurturing their other responsibilities.
Though Bayzat will continue to refine its leading insurance platform and offer support to the 18,000 lives insured through their site, the company will continue acceleration of new product developments for its HR software as its primary goal.