Payroll startup Cercli secures $4M to build the ‘Rippling for MENA’

💸 UAE-based HRtech Cercli has raised $4 million in a Seed round to expand its unified platform for managing and paying global workforces across the MENA region.

• Founded in 2023 by Akeed Azmi and David Reche, the YC-backed startup streamlines payroll, workforce management, and compliance in the MENA region by integrating payroll, contractor management, HR, and onboarding functions.

💰 Investor lowdown: The funding round was led by Afore Capital, marking its first investment in the MENA region, with additional participation from COTU Ventures, Y Combinator, Rebel Fund, and notable angel investors, including Karim Atiyeh (Ramp), Sebastian Mejia (Rappi), Tony Dong (Rippling), Tony Jamous (Oyster), and Allison Pickens.

📖 The back story

Both Azmi and Reche have history in scaling regional unicorns like Kitopi and Careem.

The duo recognised a significant gap in the market for a HR platform with everything under one roof and so, they developed a solution to unify local and global payroll, HR, onboarding, and compliance management.

⚙️ Breaking it down

Cercli’s platform is designed to simplify the complex layers of workforce management by replacing multiple isolated systems with a single source of truth.

For instance, most businesses rely on several tools, often three or more, to manage tasks that Cercli folds into a single solution.

This approach reduces errors, ensures data integrity, and enhances compliance with local regulations.

🐂 Bull case

• Since launching, Cercli claims to have grown by 25% MoM and has processed over $23 million in employee salaries across 31 countries!
• $2 billion market opportunity in MENA for payroll alone

🔮 Flashforward

Cercli plans to use the fresh funding to further enhance its product and accelerate its expansion to Saudi Arabia.