Austrian Speedinvest co-led $5M seed round for HRtech palm.hr
13 February, 2023, 11:09
Saudi Arabian startup palm.hr which automates workflow functions related to HR has raised $5 million in a seed round for expansion and further product development. The round was co-led by Speedinvest and RAED Ventures with participation from Wamda Capital.
- Launched in 2019 by Richard Schrems, Christoph Czichna, and Dragan Nikolic, palm.hr automates payroll, tracks leaves and absences, and follows on staff performance, in addition to employee self-service features that make internal communication between staff easy. It also automates other workflow functions related to HR, including on- or off-boarding employees, and is configurable across borders, making it easy to match local labor laws and employment regulations in different markets.
- In Saudi Arabia, palm.hr has integrated with government services such as Mudad for digital payroll and compliance, mandated by the country’s ministry of labor, the General Organization for Social Insurance, and Muqeem, the foreign employee’s data platform. Its clients include Hala, Thmanyah, the Saudi Venture Capital Company, Mozn, Jeeny, Rabbit. The startup claims that, since its launch, doubling its annual recurring revenue (ARR) every six months.
- The round was co-led by Austrian Speedinvest. It was the first investment for Speedinvest in Saudi Arabia. Earlier, the VC firm joined the €10.8 million round for the German Kittl design platform. Active MENA-focused early-stage investors RAED Ventures, and Wamda Capital also participated in the round.
- With this investment, palm.hr will accelerate expansion to Egypt and UAE while doubling down on its presence in Saudi Arabia and product development in its mission to shape the future of work experiences.