UAE-based Bayzat, which provides insurance and HR solutions through an online platform, has raised $3 million from unnamed investors less than six months after it raised a round of $3.5 million.
This takes the total funding it has raised over the last two years to $7.5 million, it said in a statement.
“With recent government steps to make insurance mandatory for employees and their dependents, there has been an influx in demand for insurance solutions like Bayzat,” said Talal Bayaa, CEO and co-founder of Bayzat.
In the health insurance space, Bayzat helps individuals and companies compare, buy and use health insurance.
In the HR space, Bayzat helps companies automate HR admin work from data entry to managing employee records.
The company claims to have connected over 12,000 individuals in the region with health insurance.
It also claims that it receives over 50,000 monthly visits from those looking to learn and compare insurance plans from leading regional providers.
Guided by the gradual implementation of mandatory health insurance across the Dubai, Bayzat has seen over 350% revenue growth per annum, the statement said.
It has also grown its workforce from 12 initially to over 50 employees in 2017.
With its insurance solutions established, Bayzat looks at developing its fledgling human resource management system (HRMS) to solve the pain points experienced by HR departments of firms through automation.
Bayzat’s software uploads employee records and leave documents to a cloud-based system.
Companies that work with Bayzat include MacKenzie Jones, Deliveroo, Fetchr, MumzWorld, Al AlAlali, Manóushe Street, Bayut and Propertyfinder.ae.
In November last year, Bayzat raised $3.5 million from a group of investors led by BECO Capital, a venture capital firm focused on technology investments in MENA.
According to a recent report by SilkRoad, the lack of available data and analytics to make decisions is a key concern for HR professionals, while 72% agree that lack of automation hinders business success.
Meanwhile, the healthcare sector has been growing 10% annually across MENA, with a significant potential for growth in quality care over the next few years.
The UAE and Saudi Arabia are two of the fastest growing markets for health insurance in GCC.
Kuwait also has taken steps aimed at developing a more sustainable economic model for the Kuwaiti healthcare system.
According to a recent study, across the Middle East, up to 50% of the money spent on healthcare is wasted. Companies like Bayzat are expected to increase efficiency and effectiveness to curb this kind of wastage.