Saudi Arabia-based HR platform ZenHR has secured $10 million in funding. The funding round was led by Saudi Arabia's Rua Growth Fund, with the participation of US-based Endeavor Catalyst and other existing investors.
The latest funding comes at a time when the HR tech firm plans to scale up its operations across the Middle East and North Africa. Automating HR processes has become a vital component in an era of digitisation, which is helping companies to streamline their operations — from recruitment and hiring to other key functions.
Turki Aljoaib, co-founder and managing partner of the Rua Growth Fund, said that the strong economic growth in the country and the rise in job opportunities have posed an opportunity for HR technology companies.
“As the kingdom witnesses record economic growth and job creation, we believe ZenHR is well positioned to capitalise on the growing need for HR digitisation,” he added.
A five-year-old hr tech firm founded in 2017 by Yousef Shamoun, ZenHR offers products covering automated payroll calculations, onboarding and offboarding of employees, attendance and time-tracking, performance management, employee self-service and an applicant-tracking system.
"The company is “rapidly approaching” 1,000 customers and 100,000 users across the Middle East and North Africa region, having reached this scale “with little to no funding”. We are confident that our partnership with Rua will allow us to expand our regional footprints in all 12 markets", said Shamoun.
ZenHR currently serves companies in Saudi Arabia, the UAE, Bahrain, Egypt, Kuwait, Iraq, Jordan, Lebanon, Oman, Palestine, Qatar and Yemen.
The company, which employs 160 people, said it has achieved triple-digit growth while its subscription revenue was about three times higher on an annual basis.