Palm.hr raises $5M and grows in MENA • TechCrunch

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A few years ago, Richard Shrems was working as an HR consultant in Riyadh, and at one point sought to implement a technology solution for his clients to help them improve their huge teams, but was unable to find a local solution.

Schrems told TechCrunch that he needed a system focused on employees, but that he found many of the HR software he interacted with to be “too complex,” with “too many features, too many functions focused on making life easier for HR managers,” but too little. Attention to ease of use by employees. “It makes adoption difficult,” he said.

His findings were not unique to him as recent Stady They show growing dissatisfaction with HR technology providers – half of the respondents said they plan to change their systems for new technologies that provide a better user experience and take remote working into account.

Paid to close the gap, in 2019, Shrems (CEO) cooperated with him Christophe Schechna (COO) and Dragan Nikolic (CPO), to launch Palm. hr, headquartered in Riyadh and whose clients include Hala, Eighth, Saudi Venture Capital Company, Muzn, Genie, Rabbit. The HR tech startup has seen significant growth since its launch, says Schrems, doubling its annual recurring revenue (ARR) every six months.

Following that growth, it plans to expand into Egypt and the UAE, while doubling the size of Saudi Arabia, on the back of the $5m pre-Series A funding it raised, in a round led by Europe-based VC Speedinvest, which marked its debut in the Kingdom of Saudi Arabia. Saudi Arabia, and RAED Ventures, with participation from MENA-focused venture capital firm Wamda Capital.

“We are on a mission to transform HR technology and the employee experience across the MENA region, and ideally beyond that… by creating a mobile-first experience,” said Sharmus.

Palm.hr raises $5 million in pre-Series A funding.

Palm.hr is the first mobile solution that automates human resource management. Image credits: Palm.hr

“As EU-based investors, we’ve seen companies like Personio and Factorial create billion-dollar results in HR,” Philippe Specht, partner at Speedinvest, said in a statement. “With a similar, but home-grown approach, we believe Palm.hr is poised To become the leading player in the MENA region, and the wider Arab world.The company has an outstanding team, a high value proposition in terms of features, integration and user experience, and a strong customer love.We are pleased to support Palm.hr, which reflects our enthusiasm about the broader ecosystem startups in the Middle East and North Africa region.

Palm.hr automates payroll, leaves and absence tracking, and employee performance tracking, plus employee self-service features that make internal communication between employees easy. It also automates other HR-related workflow functions including personnel on and off the company, and can be configured across borders, making it easy for it to match local labor laws and employee regulations in different markets.

For example, in Saudi Arabia, Palm.hr is also integrated with government services such as Mudad for digital payroll and compliance, mandated by the country’s Ministry of Labor; The General Organization for Social Insurance (GOSI), a resident, foreign employee data platform.

“With Palm.hr you can process your entire payroll, you can actually make payments because we are integrated with the government payroll system; apply for visas because we are integrated with the government visa system, and we have modernized social insurance for people because we are integrated with the social insurance system.”

The company is also set to add new features and products that will, for example, enable employees to easily access loans, asset financing, and insurance products.

“We want to integrate HR-tech with fintech and insurtech… for employees to be able to do everything like buying or renting assets, signing up for health or travel insurance, within our solution. We want to make Palm.hr a part of the daily life of employees.

As Palm.hr embarks on expansion and further product development, Palm.hr hopes to capture a significant portion of the global HR technology marketwhich is expected to grow at a compound annual growth rate of 9.08% to reach $53.3 billion by 2028.

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