Over the course of the last few years, we’ve witnessed a surge in the number of newly emerging insurtech startups focused on different niches, aimed at making the lives of the masses easier for the better.
One such HR and insurance startup is the Dubai-based Bayzat.
What is Bayzat?
Established in 2013, Bayzat aims to make world-class representative encounters available to each little and medium-sized endeavor (SME). At its core, the startup is a free online platform intended to assist organizations with overseeing and mechanizing HR organization, finance, and health insurance, fundamentally streamlining procedures for HR and money groups.
Bayzat has hit several major milestones in 2022 including recording 1 million total logins per month keeping in line with the company’s mission of making world-class employee experiences accessible to every company.
One of the startup’s objectives is to help individuals and companies buy and use health insurance and has connected over 12,000 individuals in the region with health insurance, and receives more than 50,000 visits every month from those looking to learn and compare insurance plans from different regional providers.
Owing to the gradual implementation of mandatory health insurance across Dubai, the startup has seen a growth of over 350% per annum and has grown its workforce to support its expanding database.
Background of Founders
Amir completed his undergrad at the University of Bath, with a major in Computer Information Systems. He later furthered his studies and completed his Master’s in Management at the same University.
He started his professional journey as a Junior Analyst at an IT company, Mars. Later, he joined CLS Holdings as an Investment Analyst. In 2009, he became a co-founder at Tandem Partners. Over the course of the next few years, Amir served at different companies in the capacity of an Investor or as a Board member, including Bayzat.
In 2015, he became the co-founder and managing partner at BECO capital. And in 2020 he co-founded COTU ventures.
Talal completed his Bachelor’s in Bioengineering at the University of California, Los Angeles.
Talal started his career as Assistant Relationship Manager at Millennium Finance Corporation. In 2011, he joined the Dubai-based company, Dar Al Mal Ltd as Assistant Manager of Private Equity and Corporate Finance.
Then finally, in 2011 he joined Bayzat as Chief Executive Officer.
The company offers an all-in-one HR and employee benefits platform. Companies can automate HR, payroll, and insurance processes to redirect resources to more important and time-sensitive tasks.
Its payroll services allow a company to generate payslips in multiple currencies and automate gratuity payments in a few clicks. As for insurance, the platform offers easy-to-understand medical policies and gives access to manage the company’s group health insurance. It also boasts real-time employee additions and deletions, health benefits, and analytics.
Series A Round: Raised $11.6 million
The startup has raised a total of $11.6 million through multiple Series A funding rounds via multiple investors, in addition to AED3.7 million in a round led by BECO capital.
Series B Round: Raised $16 million
In October 2019, Bayzat raised $16 million in a Series B led by Mubadala’s newly launched fund for MENA and US-based Point72 Ventures. Other investors that participated in the round included:
- Saudi-based Elm and Tech Invest Com
- US-based Endeavor Catalyst
- London-based Greyhound Capital
The company has also reportedly raised funds from The Mohammed Rashid Innovation Fund (MBRIF).
The Mohammed Bin Rashid Innovation Fund (MBRIF), is an initiative launched by the UAE Ministry of Finance to support nationwide innovation. The initiative announced support for the UAE’s leading employee benefits platform, Bayzat, as part of its Guarantee Scheme. Bayzat will use the fund secured with MBRIF’s guarantee, to expand its workforce with a focus on further strengthening its technical development team.
Currently, the platform is in the process of expanding across the GCC and other international markets, with a focus on Saudi Arabia. Over the coming year, the FinTech startup further plans to add new features and employee benefits to the platform.