The employee benefits platform will also look to use the funds for talent acquisition as part of its ambitious expansion plans
UAE’s MyBenefits, an employee benefit platform, has raised a $780,000 seed round led by U.S-baSed, professional service provider EdgeGlobal. The round also saw participation from individual investors Musaab Al Hakami, Co-Founder and CEO of Skillx and Turki AlJeaid, Founder and CEO of Qudrah National Holding.
Founded in 2015 by Sherif Zaki, MyBenefits provides a SaaS platform that allows companies to streamline and standardize staff rewards, benefits and discounts.
Originally, the startup launched as a business-to-business (B2B) marketplace for SMEs to access corporate rates on a wide array of social services, including health care. In 2019, the startup launches its prototype for its employee benefits and discounts platform and officially started rolling it out in February 2020.
"Our motto is to make work better by helping people save on day-to-day expenses. This can really go a long way," said Zaki.
Aside from the UAE, users in eight other countries across the MENA region - Bahrain, Kuwait, Saudi, Egypt, Lebanon, Jordan, Oman and Qatar - also access the platform. Currently, it has over 300 companies listed on its platform, serving approximately 15,000 employees.
MyBenefits claims to have doubled its customer base in the first quarter of 2021 and registered an annual growth rate of 30 percent. The startup plans to use the funds to expand into the GCC and for talent acquisition.