UAE-based insurance and HR technology start-up Bayzat has closed a $3.5m funding round led by venture capital firm BECO Capital.
Founded two years ago, Bayzat provides products to assist patients and companies in managing their health insurance via their computers and mobile devices.
BECO said the new investment would be used to release new products for employee and HR departments and boost the company’s headcount.
Dubai-based Precinct Partners also participated in the round.
“This investment will allow us to accommodate an overwhelming demand by individuals and companies looking for a more transparent, reliable and simpler health insurance experience. Since the last round, we have grown by over 100 per cent each quarter. The number of users on the platform has grown by 30 times,” said Talal Bayaa, CEO and co-founder of Bayzat.
Bayaa said the introduction of mandatory health insurance across the region had been to the company’s benefit.
UAE insurers’ profits have been boosted this year by Dubai’s compulsory insurance scheme, which is scheduled to be completed this year.
“The healthcare sector has been growing 10 per cent annually across MENA, with significant potential for growth in quality care over the next few years. Bayzat is well positioned to take advantage of this growth and revolutionise the way the medical insurance industry works today,” said Amir Farha, co-founder and managing partner of BECO Capital.