palm.hr raises US$5M to transform HR tech and employee experiences across MENA
palm.hr, the Saudi Arabia headquartered HR tech platform, has raised US$5 million to expand to Egypt and UAE, while doubling down on its presence in Saudi Arabia. As one of the first foreign-founded start-ups based in Saudi Arabia, palm.hr was built to support the ambitions of Saudi’s Vision 2030, empowering businesses with technology to attract, retain and develop employees.
The emergence of new technologies and a remote-first global workforce is changing the way we work. With 55 percent of the population in MENA under the age of 35, young workers increasingly seek digital-powered employment experiences. The HR tech market is predicted to grow to $53.3 Billion by 2028 at an estimated 9.08 percent CAGR. However, even in modern businesses, HR professionals are still not equipped to manage the complexities of an ever-changing work environment creating limitations for businesses, particularly SMEs, as they seek to elevate their employer brands.
Richard Schrems, CEO & Co-founder, palm.hr, said, “The MENA region is transforming at an incredible pace and businesses recognise the need to be empowered by technology and create meaningful workplace experiences. That is why we built palm.hr, to equip HR professionals with the tools they need to succeed. With the backing of our investors, we are excited to kick-off our next stage of growth and play a role in contributing to the future of the region’s economy.”
As part of its strategic plans, the company will invest extensively on scaling up its product offering, while also hiring to support customer acquisition efforts to support its regional expansion.
A fully cloud based service, with mobile-first functionality, palm.hr comprehensively addresses the needs of large and small businesses, enabling the automation of HR processes and drives employee engagement with co-workers to unlock their full potential.
In Saudi Arabia, palm.hr also features integrations with government services such as Mudad for digital payroll and compliance mandated by the Ministry of Labor in KSA; The General Organization for Social Insurance (GOSI), and Muqeem, the foreign employees data platform, in addition to providing advisory services to clients as required.