Dubai-Based Startup Cercli Secures $4 Million in Seed Funding

by | Sep 4, 2024 | Startups News | 0 comments

Dubai-based HR SaaS startup Cercli has raised $4 million in a seed funding round led by Afore Capital, a US-based venture capital firm. Notably, this is Afore Capital’s first investment in the MENA region, highlighting the increasing interest in the area’s tech ecosystem.

Diverse Investment Support

The seed round attracted several high-profile investors. Amir Farha’s COTU Ventures, Y Combinator, Rebel Fund, and various angel investors also participated. Among the notable angel investors were Karim Atiyeh, co-founder of Ramp, and Sebastian Mejia, co-founder of Rappi. Additionally, Tony Dong, former VP of Engineering at Rippling, and Tony Jamous, co-founder of Oyester, invested. Other contributors included Allison Pickens and founders and executives from Kitopi, Careem, and other MENA startups.

Streamlining HR Processes

Founded last year by Akeed Azmi and David Reche, Cercli aims to transform payroll and workforce management in the MENA region. The platform offers a solution that integrates several back-office functions. These include local payroll, remote contractor management, HR services, and onboarding. As a result, businesses can eliminate the need for multiple tools, leading to more streamlined operations.

Moreover, Cercli’s product integrates with various HR, finance, accounting, legal, and IT software. This makes it a versatile tool for managing distributed teams.

Rapid Growth and Expansion Plans

Since launching earlier this year, Cercli has grown rapidly. The startup reports a 25% increase in monthly activity. It has also facilitated over $23 million in salary payments across 31 countries. This growth demonstrates Cercli’s capability to handle significant payroll volumes.

Akeed Azmi, co-founder of Cercli, emphasized the platform’s importance in addressing compliance challenges. “We built Cercli to replace multiple isolated systems with a singular, modern payroll and employee data platform. This empowers businesses to manage their local payroll, remote contractors, employer of record services, HR, and onboarding efficiently.”

Future Prospects

Cercli plans to use the newly acquired funds to enhance its product offerings. Additionally, it aims to accelerate its expansion into Saudi Arabia. Anamitra Banerji, Co-founder & Managing Partner at Afore Capital, noted the startup’s potential. He stated, “Cercli is addressing one of the region’s largest challenges—managing a global workforce while meeting compliance requirements. This investment reflects our belief in the MENA region’s untapped potential and the transformative impact of visionary founders like Akeed and David.”

With a solid team and a growing client base, Cercli is positioned to become a key player in the MENA region’s HR technology landscape.

For more updates and insights on the latest developments in tech startups, visit kzaad.com.

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