Cercli, a Dubai-based HRtech startup, has successfully closed a $4 million seed funding round. This milestone investment, led by Silicon Valley’s Afore Capital, marks the firm’s debut in the MENA region and underscores Cercli's potential to transform payroll management for businesses in the area. With additional backing from COTU Ventures, Y Combinator, and Rebel Fund, Cercli is poised to leverage this capital to further its mission of streamlining payroll and compliance processes across the region.

Cercli’s Vision and Growth

Founded in early 2023 by Akeed Azmi and David Reche, Cercli emerged from their experiences scaling operations at Careem and Kitopi, two of MENA's largest unicorns. They identified a significant gap in the market: businesses struggling with inefficient payroll management and high compliance costs. Their solution, Cercli, aims to address these challenges with a unified platform designed to manage and pay global workforces seamlessly.

Since its launch, Cercli has demonstrated impressive growth, achieving a 25% month-on-month increase and processing over $23 million in salaries across 31 countries. The platform has quickly become essential for businesses navigating the complexities of regional payroll and compliance requirements, replacing outdated and fragmented systems with a comprehensive, integrated solution.

The Investment Round

Afore Capital, which allocated funds from its $150 million early-stage global fund III, led the seed round. This investment is notable as it marks Afore Capital’s first venture in the MENA region. The round also saw contributions from prominent investors and industry leaders, including COTU Ventures, Y Combinator, Rebel Fund, and several high-profile executives from notable tech companies and startups.

Anamitra Banerji, Managing Partner at Afore Capital, highlighted the significance of this investment, stating, “Cercli is tackling one of the region’s largest challenges—managing a global workforce while meeting compliance requirements. This investment reflects our recognition of the massive untapped potential in MENA and the innovative solutions that founders like Akeed and David are bringing to the table.”

Cercli’s Platform and Impact

Cercli’s platform is designed to be a single source of truth for workforce management, integrating HR, finance, accounting, legal, and IT functions into one cohesive system. This approach not only reduces the risk of human error but also ensures compliance with regional regulations, which is particularly critical in the diverse and complex MENA market.

The company’s technology enables businesses to manage local payroll, remote contractors, and other HR functions more efficiently than traditional systems or disparate software solutions. By addressing the specific needs of businesses operating in MENA, Cercli positions itself as a crucial tool for companies of all sizes, from small enterprises to large corporations.

Future Prospects

Looking ahead, Cercli plans to use its seed funding to accelerate growth, expand its team, and enhance its platform. The company aims to broaden its service offerings and deepen its market penetration, continuing to address the pressing needs of businesses in the region.

David Reche, co-founder of Cercli, expressed enthusiasm about the future, stating, “With the support of our investors, we are committed to scaling our operations and further developing our platform to better serve our clients. Our goal is to simplify workforce management for businesses across MENA and beyond.”

Cercli’s successful seed funding round represents a significant step forward for the HRtech landscape in MENA. With robust backing from prominent investors and a strong growth trajectory, Cercli is well-positioned to lead the way in modernizing payroll and workforce management in the region. As the company continues to expand and innovate, it will undoubtedly play a pivotal role in shaping the future of HRtech in MENA.