Dubai-based HR and insurance startup Bayzat has raised $16 million in a Series B round from Mubadala’s newly launched fund for MENA, US-based Point72 Ventures, and some other regional and global investors, Mubadala said in a statement today that announced the launch of its two funds for startups in the Middle East & North Africa.
The round, according to the statement by Mubadala, takes total capital raised so far by Bayzat to $31 million. This makes it one of the best-funded startups in the region. The startup has previously raised investment from Beco Capital, Silicon Badia, and Hamed Kanoo Co.
Founded in 2013 by Talal Bayaa, Bayzat provides HR and insurance solutions to SMEs and startups. Its cloud-based HR platform (Bayzat Benefits) helps companies automate their HR administration, payroll processing, and health insurance. It was one of the first companies to set up operations in Abu Dhabi-based Hub71 a few weeks ago.
The web and mobile-based platform that allows HR teams to manage their employee records allows them to add new records by dragging and dropping their documents into it. It also allows them to review, track, and approve leave requests. Bayzat’s payroll software that’s part of its HR platform allows employers to process their payroll, receive and approve or reject reimbursement and salary advance requests, and generate payslips at the end of every month.