Saudi Arabia-based HR technology platform palm.hr has raised $5 million in a pre-Series A round of funding. The round was co-led by Speedinvest and RAED Ventures, with participation from Wamda Capital. The funds will be used to expand the platform to Egypt and the UAE while also doubling down on its presence in Saudi Arabia.
Founded in 2019 by Richard Schrems, Christoph Czichna, and Dragan Nikolic, palm.hr offers a comprehensive HR solution for businesses of all sizes in the Mena region. It covers everything from onboarding, time tracking, payroll, and offboarding while being fully compliant with local regulations. The platform is highly configurable and meets the local labor laws and employment regulations in different markets across the region.
The platform also includes features for employee engagement, payroll, insurance, documentation, and multi-currency support for businesses with global operations. It is fully cloud-based with mobile-first functionality and enables the automation of HR processes while driving employee engagement and co-worker collaboration.
"We believe that palm.hr is poised to become the leading player in the MENA region and the wider Arab world," said Philip Specht, Partner at Speedinvest. "The company has an outstanding team, a superior value proposition in terms of features, integrations, and UX, and strong customer love."
Tala Alasmari, Founding Partner at Raed Ventures, added, "We are proud to back palm.hr, which is a Saudi-first success story creating impact across borders and playing a transformative role in the future of work."
The platform features integrations with government services such as Mudad, GOSI, and Muqeem and adopts industry-leading security best practices for data storage. It is available on desktops and has mobile applications for Android and iOS users.
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