UAE Startup Cercli Secures $4 Million Seed Funding for HR & Payroll Platform

Cercli, a UAE-based startup specializing in payroll and employee data management, has secured US$4 million in seed funding, marking a significant milestone in the company's mission to simplify HR and payroll processes for businesses in the Middle East and North Africa (MENA) region.

• The funding round was led by Silicon Valley-based venture capital firm Afore Capital, representing their first investment in the MENA region.
• Other notable investors include COTU Ventures, Y Combinator, and Rebel Fund, as well as individuals from prominent tech companies such as Ramp, Rappi, Rippling, and Oyster.

Cercli's Mission: Streamlining HR and Payroll in the MENA Region

Cercli aims to address the intricate challenges faced by businesses in the MENA region when it comes to HR and payroll management.

• The MENA region's diverse regulatory landscape, with varying laws and regulations across countries, entities, and even employee nationalities, presents a complex compliance landscape.
• Many businesses rely on outdated methods such as spreadsheets for managing employee records, payroll, and other critical workflows, leading to human errors, potential fraud, and data privacy concerns.
• Disparate software solutions often complicate the process, creating a lack of a single source of truth for workforce data, which is a major business expense.

Cercli's Solution: A Unified HR & Payroll Platform

Cercli offers a unified platform that addresses these challenges by providing a single, integrated solution for all aspects of HR and payroll management, from employee onboarding to offboarding.

• The platform simplifies compliance by automating processes and ensuring adherence to local regulations.
• It eliminates the need for spreadsheets, reducing errors and improving data security.
• By integrating various HR and payroll functions, Cercli provides a comprehensive view of the workforce, enabling businesses to make informed decisions.

Afore Capital's Recognition of MENA's Potential

Afore Capital's investment in Cercli reflects their confidence in the growth potential of the MENA region's tech startup ecosystem.

• Afore Capital's Managing Partner Anamitra Banerji highlighted Cercli's strong team and its ability to attract marquee customers in a short period.
• The investment demonstrates the increasing interest from global investors in supporting innovative solutions addressing specific needs in the MENA market.

Cercli's Growth Plans: Expanding Reach and Innovations

With the fresh injection of capital, Cercli is poised to expand its operations and introduce new innovations to its platform.

• The company plans to invest in its engineering and product development team to enhance its platform and introduce new features.
• Strategic non-tech hires will be made to support expansion, sales, and customer success efforts.

Entrepreneurial Insights from Cercli's Co-founders

Akeed Azmi and David Reche, the co-founders of Cercli, shared valuable insights for aspiring entrepreneurs.

• Understand your customers' "why": Spend time with your target audience and thoroughly understand their needs and pain points.
• Focus on solving the right problem: Validate your solution with a paying customer base and have conviction in the problem you are addressing.
• Define your purpose: Clarify your "why" for starting the venture and the values you wish to embody.
• Find trustworthy co-founders: Choose co-founders who have high integrity, complement your strengths, and bring a unique perspective.
• Iterate quickly: Prioritize agility and avoid over-hiring before achieving significant traction.

Cercli's Impact: Streamlining HR & Payroll for Businesses

Cercli's innovative approach to hr and payroll management has already garnered significant traction, with a 25% month-on-month growth rate and over $23 million in employee salaries paid out across 31 countries.

• The company's success highlights the growing demand for streamlined and efficient HR and payroll solutions, particularly in the increasingly complex MENA region.
• Cercli's focus on compliance, automation, and integration is transforming the way businesses manage their workforce and optimize their operations.