Bayzat, a United Arab Emirates-based human resources software developer backed by conglomerate Almajdouie Holding, has received $16m in its series B round.
The funding came from a consortium co-led by Point72 Ventures and the Abu Dhabi state-owned Mubadala Capital, and which included Elm, Greyhound Capital, Endeavor Catalyst, and Tech Invest Com.
Founded in 2013, Bayzat has created a free-to-use software platform that helps small and medium-sized businesses manage payroll, insurance and employee benefits. It also offers a pre-pay day financing service called EarlyPay.
The round increased the company’s overall funding to $31m. It closed an $8m series A-1 round in December 2017 when it added $5m from Silicon Badia, Beco Capital and private investor Hamed Kanoo to $3m supplied by an existing backer six months earlier.
Beco Capital, Precinct Partners and various individual investors had provided $3.6m in series A funding for the company in 2016, the year after it raised $1m from Beco and assorted angel investors. Raed Ventures, Almajdouie’s corporate venturing unit, also lists Bayzat on its portfolio page.
