ZenHR, a Saudi Arabia-based HR software provider that helps HR departments and employees achieve peace of mind, raised a $10 million growth round of funding.
The round was led by Rua Growth Fund, with the participation of existing regional and global funds and investors, including Endeavor Catalyst.
The company will use the funding to continue to achieve growth milestones while cementing and scaling up its presence in all 12 markets.
This funding round follows the B2B HR SaaS company's stellar performance, which currently serves customers in 12 Middle Eastern and African markets, including Saudi Arabia, UAE, Egypt, Qatar, Kuwait, Bahrain, Oman, Iraq, Jordan, Lebanon, Yemen, and Palestine.
With this round of funding, ZenHR will continue to focus on delighting its customers and delivering exceptional HR solutions in MENA across the employee lifecycle.
Yousef Shamoun, ZenHR's co-founder, and CEO said: "Over the past few years, we've worked hard to build a winning team and culture at ZenHR. As we rapidly approach 1,000 customers and 100,000 users in MENA, this team has firmly established itself as a category leader in the cloud HR software space, achieving this with little to no funding. We are thrilled to partner with the team at Rua and are confident that this partnership 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. We look forward to all the great things we can accomplish together."
Turki Aljoaib, Co-Founder and Managing Partner of Rua Growth Fund, and Paul Bell, an Operating Partner at Lead Edge Capital, joined the board of directors at ZenHR as Independent Board Members.
ZenHR has consistently achieved triple-digit growth since its inception, with subscription revenue increasing by approximately 3X year on year.
Round: Growth Funding
Funding Month: October 2022
Lead Investors: Rua Growth Fund
Additional Investors: Endeavor Catalyst
Company Website: https://www.zenhr.com/
Software Category: HR software
About the Company: Founded in 2017 by Yousef Shamoun and Mohamad Haj Hasan, ZenHR is an HR software solution company that built a cloud-based HR platform consisting of several modules designed to streamline and automate the whole HR function, from the hiring stage to the retirement stage. ZenHR is on a mission to play a vital role in the digital transformation trend sweeping the MENA region. HR digitization helps companies move faster and smarter and makes employees happier. ZenHR is fully customized, including Social Security laws, WPS, all labor laws, expatriate regulations, and taxes. ZenHR's product suite includes automated payroll calculations, onboarding and offboarding of employees, attendance and time-tracking, performance management, employee self-service, and an applicant tracking system. Since its inception in 2017, ZenHR has grown to become the home of more than 160 employees across three regional offices in Saudi Arabia, the UAE, and Jordan, with its headquarters in Riyadh, Saudi Arabia.