- Saudi Arabia-based HR tech platform, Palm.hr, has secured $5 million in a pre-Series A round to expand to Egypt and the United Arab Emirates.
- Speedinvest and RAED Ventures led the round, while Wamda Capital participated.
- Founded by Richard Schrems (CEO), Christoph Czichna (COO) and Dragan Nikolic (CPO) in 2019, Palm.hr is a fully automated Human Resources Management System (HRMS).
Palm.hr automates payroll, tracks leaves and absences, and monitors employee performance, in addition to employee self-service features that facilitate internal communication.
The company, which claims to be on a mission to transform human resource technology and employee experience across the Middle East, North Africa, and beyond, also automates other HR workflow functions, including employee onboarding and offboarding.
It is cross-border configurable, making it simple to match local labour laws and employment regulations in different markets.
Palm.hr allows you to fully process your payroll, make payments, and apply for visas because it’s integrated with the government payroll system.
It also updates people's social insurance because it’s integrated with the social insurance system.
The company plans to add new features and products, including easy access to loans, asset financing, and insurance products.
According to Schrems, "We want to merge HR-tech with fintech and insurtech…for employees to be able to do everything like the purchase or rent assets, sign up to health or travel insurance, within our solution. We want to make Palm.hr a part of employees' daily lives."
Palm.hr hopes to capture a sizable portion of the global HR tech market, which it expects to grow at a 9.08% Compound annual growth rate (CAGR) to $53.3 billion by 2028 as it expands and develops new products.