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ZenHR, a human resource technology start-up in Saudi Arabia, has raised $10 million to scale up its operations across the Middle East and North Africa.
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”, said co-founder and chief executive Yousef Shamoun.
“We are confident that this partnership [with Rua] will allow us to expand our regional footprint in all 12 markets we serve and strengthen our presence even further in Saudi Arabia, our main market,” he said.
Saudi Arabia is hastening its digital transformation push, with a focus on start-ups, as it banks on technology to power its future economy.
Venture capital funding in the Arab world’s largest economy surged more than threefold to $584m in the first half of 2022, surpassing the total for the whole of 2021, start-up platform Magnitt said in a recent report.
Turki Aljoaib, co-founder and managing partner of the Rua Growth Fund, said strong economic growth in the country and the rise in job opportunities also posed an opportunity for HR technology companies.
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