Bayzat, a leading provider of employee benefits in the Middle East, has successfully completed a Series C funding round, raising $25 million in the process.
Founded in the UAE in 2013, Bayzat is a technology company that aids organizations in delivering top-notch employee experiences by automating and improving their insurance, payroll, and HR administration processes.
The company currently serves over 127,000 employees in over 1,500 companies in the GCC, including Deliveroo, Zomato, Saudi Icon, Grant Thornton, Eyewa, and The Giving Movement. Its online HRMS platform receives over 2 million employee logins per month.
Over the past three years, the company has recorded annual growth of over 100% and has grown its workforce to almost 350 employees across the UAE, Saudi Arabia, and the wider region.
The funding round was led by DisruptAD, the venture platform of ADQ, in conjunction with Ischyros New York, a global hedge fund. To date, Bayzat has raised over $60 million in funding from investors such as Mubadala Capital and Point72 Ventures.
The funds raised in this latest funding round will be used to expand Bayzat's customer base in the Middle East, with a particular focus on Saudi Arabia.