alfii, an UAE, Dubai-based tech startup, has secured $2.5 million in pre-seed funding to support the expansion of its team and further develop its fintech-powered HR automation platform.
The funding round was led by Preface Ventures, with participation from Kayan Ventures, Aditum Ventures, Wayfinders, and a group of local and regional angel investors.
The startup aims to assist growing businesses in managing their HR workload and streamlining administrative tasks to improve the employee experience.
With a focus on becoming the most comprehensive HR and payroll solution in the region, alfii plans to utilize the funding to enhance its fintech-powered software platform. The startup also intends to invest heavily in engineering and product talent to expand its team and enhance the product feature set.
The company's immediate goal is to develop a suite of payroll features that offer clients smarter and faster ways to handle payroll and salary disbursements, simplifying a typically time-consuming process for HR owners.
Yousef Albarqawi, CEO and Co-Founder of alfii, commented: “We are looking to build the next generation of this product class, and we are building it entirely in-house—which means we need to bring on world-class talent to grow our business and better serve our customers.”
Company: Alfii Holding Ltd.
Raised: $2.5M
Round: Pre-Seed Round
Funding Month: July 2023
Lead Investors: Preface Ventures
Additional Investors: Kayan Ventures, Aditum Ventures, and Wayfinder
Company Website: https://www.alfii.co/
Software Category: HR Software
About the Company: Founded in November 2022 by Yousef Albarqawi, Becky Jefferies, and Dina Mohammad-Laity, alfii is a developer of a fintech-powered Human-Resource platform designed to help companies thrive by taking care of their people. The product offered by alfii focuses on core HR processes, offering an easy and streamlined way to onboard and pay employees. The platform helps the company in automating and simplifying human-resource processes in startups, small and medium enterprises, and fast-growing companies with the tools and insights they need to create and deliver a better, people-first experience for their teams and simplify core human-resource processes like onboarding, document collection, and payroll while bringing together all employee data into a single source of truth. alfii’s mission is to be the most comprehensive fintech-powered people platform that helps companies thrive by taking care of their people.
Source: https://www.alfii.co/news/uae-based-alfii-raises-2-5m-pre-seed-round-to-bring-forth-a-first-of-its-kind-fintech-powered-hr-platform