Bayzat raises $16 million

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.

“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 Chief Executive Officer Talal Bayaa.

Bayzat count local companies such as DMCC, The Luxury Closet and Deliveroo as customers experiencing success with their solutions.