Participated · Series C · Dec 2022

Bayzat is an employee benefits platform that automates and enhances insurance, payroll, and HR administration via a SaaS product. Founded in 2013 and based in Dubai, UAE, the company positions itself as a pioneer in InsureTech, HR and payroll automation. Bayzat says it is the category leader in the UAE and serves 127,000+ employees. Over the past three years the company has recorded more than 100% annual growth and has grown its workforce to almost 350 employees across the UAE, Saudi Arabia, and the wider region. The company plans to use new funding to expand its customer base across the Middle East with a particular focus on Saudi Arabia. The product and go-to-market focus centers on improving employee experience and automating HR workflows for businesses. Bayzat, founded in 2013 and headquartered in Dubai, offers a free platform to help SMEs manage and automate HR administration, payroll and health insurance. The company has expanded its product set this year to include fintech offerings such as EarlyPay. Bayzat counts customers including DMCC, The Luxury Closet and Deliveroo. Since the start of 2019 the company reports new monthly bookings have increased tenfold. Bayzat plans to use the new funding to invest in its technology and customer experience and to drive exponential growth in 2020. Bayzat provides insurance and HR solutions across the MENA region and operates an HR automation platform called Bayzat Benefits. Launched in 2015 by Talal Bayaa and Brian Habibi, the company extracts employee data (from passports and Emirates IDs) directly from scanned images. Bayzat has added payroll functionality to store and configure salary and commission information automatically for employees. The startup intends to use new funding to accelerate growth and product development in 2018. In May 2017 Bayzat secured additional capital to support its product roadmap and expansion within the region. Bayzat operates the Bayzat Benefits™ platform to help individuals and companies compare, buy and use health insurance while streamlining policy placement. Its HRMS automates HR administration, including employee record management, leave management and OCR-based extraction of scanned documents. The company reports connecting over 12,000 individuals to health insurance and receiving over 50,000 monthly visits to compare plans. Bayzat says it has achieved over 350% annual revenue growth following Dubai’s gradual implementation of mandatory health insurance. Headcount expanded from 12 to over 50 employees in 2017 to support its growing database and product set. With insurance solutions established, Bayzat is focused on further developing its HRMS and leave-management features to reduce manual HR work.