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Abu Dhabi’s state-owned ADQ is one of the investors participating in the Series C funding round of UAE-based Bayzat, a regional employee benefits platform, which raised $25 million.
DisruptAD, ADQ’s venture platform, invested alongside Ischyros New York, a global hedge fund, Bayzat said in a statement on Thursday.
To date, Bayzat’s has raised more than $60 million in funding from leading investors such as Mubadala Capital and Point72 Ventures.
Bayzat, which manages insurance, payroll and HR administration processes, will use the funds to expand its customer base across the Middle East, with a particular focus on Saudi Arabia.
DisruptAd's activities include a global, multi-stage direct investment business, as well as a fund-of-funds business.
ADQ, which owns Abu Dhabi Ports, Abu Dhabi Airport and bourse operator Abu Dhabi Securities Exchange (ADX), is on an investment spree. It has taken strategic stakes in a variety of ventures within the UAE and globally.
(Writing by Brinda Darasha; editing by Cleofe Maceda)
