In a significant move to enhance its offerings in the MENA region, Dubai-based AI startup Cercli has successfully raised $12 million in an oversubscribed Series A funding round, spearheaded by European venture capital firm Picus Capital. Founded by former Careem executives Akeed Azmi and David Reche, Cercli aims to streamline fragmented enterprise systems and outdated compliance tools, providing a unified platform that leverages AI technology for businesses across the region.
Major Developments in Cercli’s Evolution
Cercli has undergone a transformative year since securing a $4 million seed round last year. Now emulating a Rippling-style stack, it has strategically integrated AI from its inception. This approach has yielded impressive results—Cercli has reported over tenfold revenue growth and now manages payroll exceeding $100 million annually for businesses in 50 countries.
Addressing Market Needs
As the HR-tech landscape becomes increasingly crowded with competitors like Deel, Remote, SAP, and Oracle, Azmi argues that Cercli’s AI-first redesign sets it apart. The company was conceived to resolve logistical challenges faced by enterprises, particularly in managing human resources and payroll across disparate systems. The newly enhanced platform not only consolidates payroll and compliance but also is designed to adapt efficiently across various jurisdictions.
Enhanced Features and Operational Efficiency
In recent months, Cercli has revamped its payroll engine to facilitate multi-country operations while also refining its recruitment module to enhance user experience. The platform now features agent-driven capabilities that improve candidate sourcing and streamline hiring processes.
Azmi emphasizes the advantage of being AI-native, noting that customer onboarding can be completed in just two to three days—significantly faster than traditional systems, which may require months. This efficiency has attracted a diverse clientele, ranging from startups to prominent multinationals, including Vision Bank and Lean Technologies.
Future Growth and Strategic Partnerships
Cercli’s recent funding signifies not just a financial boost but also strategic backing, being the first MENA investment for Picus Capital, which has a history of supporting global HR companies. Other notable investors, including Y Combinator, Afore Capital, and COTU Ventures, participated in the round, further strengthening Cercli’s market position.
Summary of Key Points:
- Funding: $12 million Series A led by Picus Capital.
- Growth: Over 10x revenue increase; more than $100 million in processed payroll.
- Unique Selling Proposition: AI-first platform aimed at solving HR complexities in MENA.
- Operational Efficiency: Rapid onboarding within two to three days.
- Future Plans: Development of new AI-native products to capture a share of the $5.8 billion HR software market in MENA.
As Cercli prepares for expansion, the company is set to innovate further within the burgeoning HR technology landscape in the MENA region.
