UAE-based HR and insurance platform Bayzat has announced that it has raised $5 million in funding as part of a Series A-1 round from a consortium of new and existing investors.
According to a statement, the funds were raised from new investor Silicon Badia, a venture capital firm, and existing investors BECO Capital and Hamed Kanoo Co LLC.
This additional funding brings the total funding raised in this round to over $8 million, the startup added.
“Bayzat’s dual strategy and core focus on building unique technology for this market are what attracted us to this business initially,” said Namek Zu’bi, managing partner, Silicon Badia when discussing their investment.
Bayzat claimed in the statement that since its launch in 2015, it has experienced over a 350% increase in revenue.
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 has previously claimed to have connected with 12,000 individuals in the region with health insurance.