UAE start-up Bayzat secures $5m in funding

UAE insurance and human resources software start-up Bayzat has secured an additional $5m in funding from a group of venture investors.

New investor Silicon Badia, a MENA and US-based venture capital firm, and existing investors BECO Capital and Hamed Kanoo Co LLC provided the funding.

Bayzat said it plans to use the funds to develop its human resources software, designed to automate administrative tasks, and support its insurance platform.

The company has raised more than $8m in its series A-1 round so far including $3m in May and $3.5m in November last year.

Read: UAE insurance start-up Bayzat raises $3m

The company claims to have grown its revenue more than 350 per cent since launching in 2015.

UAE start-ups have closed several investment rounds in the closing months of the year.

In November, cleaning platform Justmop said it had closed a Series A funding round and agricultural start-up Pure Harvest Smart Farms closed a $4.5m seed funding round.

Read: UAE cleaning start-up Justmop.com closes series A funding round

Read: UAE-based Pure Harvest closes $4.5m seed funding round

The previous month, comparison site Souqalmal raised $10m and Arabic digital health start-up Altibbi raised $6.5m.

Read: UAE comparison site Souqalmal raises $10m in funding round

Read: Arabic digital health start-up Altibbi raises $6.5m