Bayzat bags further $5m for its Series A

Bayzat, a health Insurance and HR service for MENA, has pulled in a further $5m in funding led by Silicon Badia.

Other backers contributing to the round included previous investors BECO Capital and Hamed Kanoo. This round of funding brings the total capital raised during this Series A to more than $8m, with the company securing an initial $3m earlier in the year.

Dubai-based Bayzat is insurance platform that offers businesses and individuals access to more than 100 policies and at a cheaper price. The solution helps to compare various medial insurance products across the UAE, allowing a consumer to buy and access the policy online.

Current HR solutions help businesses with the automation of various administration tasks such as extracting important information from passports and IDs. The solution also helps to streamline the time-off applications process. A new solution implemented on the platform helps to improve payroll systems, by automatically configuring a worker’s salary and commission.

The Series A round brings total capital raised by the company since its foundation in 2014 to $12m. Last year Bayzat picked up a $3.6m investment led by BECO Capital, and also saw participation from Precinct Partners and angel investors.

Bayzat CEO Talal Bayaa said, “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.”

A couple of months ago fellow UAE-based InsurTech solution Democrance closed its own funding round, bagging $800k. The company saw contributions come from a selection of investors including Jabbar Internet Group, Eos Venture Partners, Turn8, F-Horizon Group and Seedstars.

Copyright © 2017 FinTech Global

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