by admin | Sep 4, 2024 | Startups News
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.
by admin | Aug 29, 2024 | Startups News
Saudi Arabia is rapidly emerging as a global tourism hub. At the forefront of this transformation is the Tourism Development Fund (TDF), the national enabler of the tourism sector. Recently, TDF celebrated a significant milestone—the graduation of the first cohort of the “TDF Grow Accelerator” programme. This event, held at the KAFD Conference Centre in Riyadh, marked a pivotal moment in the Kingdom’s journey toward becoming a top global tourism destination.
A Milestone Event: The Demo Day
Firstly, the demo day was more than just an ordinary event. It served as a showcase of innovation and entrepreneurial spirit. The ceremony highlighted the accomplishments of 15 startups within the tourism space. Notably, this included 11 local startups and four regional and international projects. Each of these startups underwent a rigorous training and guidance process. Specifically, they participated in over 20 training sessions. These sessions equipped them with the necessary skills and knowledge to excel in the competitive tourism industry.
Investment Success: A Testament to Innovation
Moreover, the success of these startups extended beyond their participation in the programme. To date, they have collectively attracted investments exceeding $5 million (SAR 18 million). This impressive figure demonstrates the confidence investors have in these projects. It also underscores their potential to significantly impact the Kingdom’s tourism sector.
Leadership Acknowledgment: Commitment to Excellence
During the ceremony, TDF’s CEO, Qusai Al-Fakhri, delivered a powerful message through His Highness Prince Saud Bin Mohammed, Executive Director of TDF Grow. He emphasized how the TDF programs foster innovation and sustainable development in Saudi Arabia’s tourism sector. Additionally, he expressed immense pride in the startups’ achievements. He remarked, “We are proud of what these distinguished startups have accomplished during their journey within the TDF Grow Accelerator Programme.” This success reflects TDF’s unwavering commitment to supporting entrepreneurial ideas. It also highlights the importance of implementing the national tourism strategy effectively and reinforcing Saudi Arabia’s position as a global tourism destination.
The Journey: Accomplishments and Future Prospects
Furthermore, the ceremony provided a platform to review the programme’s accomplishments over several months. The 15 participating projects, including both local and international startups, showcased their contributions to creating added value within the Kingdom’s tourism sector. The event concluded with a presentation that highlighted the innovative tourism projects emerging from the programme. This presentation offered a glimpse into the future of tourism in Saudi Arabia.
TDF Grow Accelerator: Empowering the Future
It is important to note that the TDF Grow Accelerator Programme is more than just an initiative. It acts as a cornerstone in Saudi Arabia’s tourism development strategy. By empowering entrepreneurs in the tourism sector, TDF Grow provides essential support. It helps create innovative technical solutions, facilitates communication between startups and investors, and encourages the best tourism ventures to contribute to the Kingdom’s national tourism objectives.
In conclusion, as Saudi Arabia continues its journey toward becoming a leading global tourism destination, initiatives like the TDF Grow Accelerator will play a crucial role. The success of the first cohort is just the beginning. With continued support and investment, the Kingdom’s tourism sector is set for unprecedented growth.
for more news and insights , stay updated with our daily blogs !
by admin | Aug 28, 2024 | Successful Entrepreneurs
Emirati Women’s Day, celebrated annually on August 28th, honors the remarkable contributions of women in the UAE. This year, in alignment with the theme “We Share for Tomorrow,” the celebration reflects the visionary guidance of H.H. Sheikha Fatima bint Mubarak, the UAE’s esteemed Mother of the Nation. To commemorate this special day, we sought insights from several prominent Emirati women who generously shared their valuable lessons. These insights not only offer inspiration but also provide guidance for women around the globe.
H.H. Sheikha Latifa bint Mohammed bin Rashid Al Maktoum
“Emirati women have demonstrated exceptional competence across various fields, both locally and internationally. Consequently, they are the heart of our nation, playing a crucial role in nurturing future leaders and driving progress.”
H.H. Sheikha Bodour bint Sultan Al Qasimi
“The story of Emirati women is one of resilience and inspiration. Their roles in government, education, business, and technology underscore their vital contributions to our nation’s advancement. Indeed, their achievements extend beyond our borders, setting a powerful example for future generations.”
Abeer AlShaali
“As an Emirati professional, I’ve learned the importance of considering multiple perspectives. By listening to diverse viewpoints, one can enhance decision-making and foster better connections with others.”
Dr. Saeeda Jaffar
“The UAE’s focus on women’s empowerment has been pivotal for my career. For instance, from encouraging early interest in STEM to promoting female representation in leadership roles, the supportive environment here has been crucial for the success of many Emirati women.”
Huda Sabil Abdulla
“Emirati women have significantly shaped our society, and their exemplary standards inspire future generations. Therefore, celebrating their achievements today reflects our collective appreciation for their invaluable contributions.”
Amna Al Mazmi
“Emirati women excel in advancing humanitarian and social causes. Their dedication highlights our nation’s commitment to global solidarity and community support.”
Hanan Alrubaiai
“Being authentic and leveraging personal strengths are key to success. Remarkably, Emirati women lead with confidence and make impactful contributions by embracing their unique qualities.”
Hayat Al Hassan
“Emirati Women’s Day celebrates the impactful innovations of Emirati women. By embracing innovation and striving for excellence, they drive positive change and contribute significantly to a knowledge-based economy.”
Conclusion
As we celebrate this Day, let us honor these trailblazers and embrace their lessons. Their achievements not only enrich our present but also pave the way for a brighter, more inclusive future.
For more Successful Entrepreneurs stories, stay updated with our daily blogs !
by admin | Aug 14, 2024 | Market Trends
Startup funding in the Middle East and North Africa (MENA) region witnessed a remarkable surge in July 2024. Notably, investments soared to USD 355 million, reflecting a dramatic 206% increase from the previous month and a 260% rise compared to July 2023. Consequently, this unprecedented growth highlights the burgeoning opportunities within the MENA startup ecosystem.
Key Highlights
-
Egypt Takes the Lead
Firstly, Egypt emerged as the standout performer in July, securing USD 185 million across seven deals. This impressive figure not only eclipsed the USD 15 million raised in the previous month but also underscores Egypt’s rising prominence in the regional startup landscape.
-
Sector-Specific Investment Trends
- Fintech: Dominating the investment landscape, the fintech sector attracted USD 180.8 million. This demonstrates its continued appeal to investors.
- Web 3: Following closely, Web 3 startups secured USD 85 million. This reflects the growing interest in decentralized technologies.
- Cleantech: Meanwhile, with a focus on sustainable solutions, the cleantech sector raised USD 37 million.
In addition, other notable sectors included deeptech, with USD 20 million, and e-commerce, which garnered USD 15.7 million.
-
Regional Investment Distribution
The UAE led the region with 12 deals, thus setting a benchmark in startup investments. Furthermore, Egypt and Saudi Arabia each secured seven investments, while Jordan rounded out the top with six deals. This distribution illustrates a diverse and expanding investment landscape across the MENA region.
Conclusion
In summary, the surge in startup funding in the MENA region during July 2024 underscores a vibrant and rapidly evolving market. With Egypt leading in investment value and fintech emerging as the most attractive sector, the region is poised for continued growth and innovation. As startups across the MENA region continue to attract significant investments, the future looks promising for entrepreneurs and investors alike.
For more insights into the latest developments in the startup ecosystem, visit kzaad.com and stay tuned for daily updates.
by admin | Aug 7, 2024 | Startups News
Saudi startup Blend has recently secured USD 1.3 million in a pre-seed investment round. Notably, this funding, provided by a group of angel investors, will significantly boost the company’s growth. Consequently, Blend plans to expand into Kuwait and Bahrain by the end of next year. Furthermore, the company aims to extend its reach across the Gulf region by 2026.
Innovative Food Delivery Integration
Founded in 2023 by Omar bin Sultan Al-Lahyan, Blend is revolutionizing the food delivery industry. Specifically, the company offers a platform that integrates multiple food delivery services into a single interface. As a result, restaurant owners benefit from streamlined order management, efficient item tracking, and comprehensive reporting. Additionally, Blend has already partnered with five local delivery apps, further enhancing its market presence.
Market Growth and Expansion Plans
Blend’s strategic vision aligns closely with Saudi Arabia’s Vision 2030, which emphasizes economic diversification and technological advancement. According to Al-Lahyan, “The sector is substantial, and our platform provides a unique understanding of the real challenges and technical needs of business owners dealing with delivery apps.” Moreover, with 30% of potential customers yet to engage with delivery apps, Blend anticipates significant market growth.
Support and Recognition
The company’s journey has been marked by notable achievements in startup support. For instance, Blend has graduated from prestigious programs such as the Misk Accelerator and the MVPLab Accelerator of the National Program for Information Technology Development. In addition, Blend is present in the Intelligence Center of Manshaat, further highlighting its commitment to innovation and excellence.
Looking Ahead
As Blend continues to expand its footprint in the Gulf region, it remains dedicated to enhancing the food delivery experience for restaurant owners. By consolidating multiple delivery platforms, Blend is poised to play a pivotal role in shaping the industry’s future.
Therefore, stay tuned for more updates on Blend’s progress and other exciting developments in the startup ecosystem. For further insights and the latest news, be sure to visit kzaad.com
