Palm.hr, a Saudi-based HR-tech startup founded by Richard Schrems, Christoph Czichna, and Dragan Nikolic, has raised $5 million in a pre-Series A funding round led by Europe-based VC Speedinvest and RAED Ventures, with participation from Wamda Capital.
Palm.hr provides a mobile-first solution to automate payrolls, track employee absences, monitor staff performance, and streamline internal communication. Headquartered in Riyadh, Palm.hr has a number of high-profile clients, including Hala, Thmanyah, and Mozn.
The company also integrates with government services, such as the General Organization for Social Insurance and Muqeem, to make it easier for employees to process payroll, apply for visas, and update their social insurance.
Since launching in 2019, Palm.hr has doubled its annual recurring revenue (ARR) every six months, and the company is now looking to expand into Egypt and the UAE, while also doubling down on its operations in Saudi Arabia.
As the global HR tech market is expected to grow at 9.08% CAGR and reach $53.3 billion by 2028, Palm.hr is well-positioned to capture a significant portion of this market. In the future, Palm.hr hopes to merge its HR-tech platform with fintech and insurtech to allow employees to access loans, insurance products, and asset financing directly through the app.