Riyadh – Riyadh -headquartered tech platform palm.hr tech has closed a $5 million pre-Series A round that was co-led by Speedinvest and RAED Ventures, according to a press release.
Speedinvest, one of Europe’s most active early-stage investors with over EUR 1 billion worth of assets under management (AUM), marked its entry into the Saudi market through the fundraising transaction.
MENA-focused venture capital (VC) firm Wamda Capital also participated in the funding round.
Being one of the first foreign-funded start-ups in Saudi Arabia, palm.hr will use the proceeds of the investment to expand its footprint across the Kingdom, besides launching its business in Egypt and the UAE.
The platform aims to empower businesses with technology to attract, retain, and develop employees in line with the objectives of Saudi Vision 2030.
palm.hr was founded in 2019 by Richard Schrems, Christoph Czichna, and Dragan Nikolic.
Schrems, CEO and Co-Founder of 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.”
He added: “That is why we built palm.hr, to equip [human resources] HR professionals with the tools they need to succeed.”
Meanwhile, the HR tech market is forecast to increase to $53.30 billion by 2028 at an estimated compound annual growth rate (CAGR) of 9.08%.
Nonetheless, HR professionals are still not ready to handle the complexities of an ever-changing work environment even in modern businesses. This limits businesses, particularly small and medium-sized enterprises (SMEs), as they seek to lift their employer brands.
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