Bayzat gears towards accelerated growth in 2018, and aims to tackle MENA’s mounting need
for HR and insurance solutions.
Key Notes:
• Bayzat has received an additional $5 million in funding from Silicon Badia, BECO Capital
and Hamed Kanoo Co LLC.
• With a robust insurance platform in place, Bayzat is setting its sights on accelerating the
rollout of its popular HR software, Bayzat Benefits.
• Payroll is the most recent development to be rolled out on Bayzat Benefits, which
includes features like leave and employee record management, and a comprehensive
insurance policy breakdown for its users.
Dubai – 05 December 2017: Bayzat, a leading provider of insurance and HR solutions in the Middle East
North Africa (MENA) region, today announced it 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,” said Namek Zu’bi, Managing Partner, Silicon Badia when discussing their
investment. “Add a stellar management team and you have a recipe for success in a highly fragmented
and inefficient industry.”
Since its launch in 2015, Bayzat has experienced exceptional year-on-year growth (over 350% 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.
Amir Farha, Managing Partner at BECO Capital, commented that, “Talal 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.”
According to Talal Bayaa, CEO, Bayzat, 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
centralized system, HR professionals have the capacity to accurately address time-off requests without
cross referencing with other departments for information.
Bayzat’s latest addition, payroll, 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.
Notes to Editors:
About Bayzat:
Bayzat is a leading technology company that provides insurance and HR solutions in the Middle East
region. Bayzat was founded by entrepreneurs Talal Bayaa and Brian Habibi and is currently headquartered
Dubai.
For more information please visit https://www.bayzat.com/.
About Silicon Badia:
Silicon Badia, headquartered between Amman, Jordan and New York City, is a network of venture
capital funds that invest in technology startups in a wide range of industries around the world. For more
information please visit www.siliconbadia.com.