Cercli Secures $12 Million Series A to Transform HR in MENA
Cercli, a Dubai-based startup, has successfully raised an oversubscribed $12 million in its Series A funding round. This initiative aims to address the fragmented enterprise systems and outdated compliance tools that have long plagued businesses in the MENA region. With a core focus on artificial intelligence, Cercli is positioning itself as a unified solution for human resources and payroll management, distinguishing itself from existing players in a competitive market.
Founded by former Careem executives Akeed Azmi and David Reche, Cercli’s latest funding round was led by Picus Capital, a European venture capital firm. The startup’s evolution since its initial $4 million seed round last year has been significant. It is now developing a comprehensive platform akin to Rippling, but with an emphasis on being AI-native from its inception.
Rapid Growth and Innovative Solutions
In just a year, Cercli has experienced remarkable growth, scaling its revenue more than tenfold and processing over $100 million in payroll annually for businesses across 50 countries. This growth raises the question: in a crowded HR-tech landscape populated by companies like Deel and Remote, what makes Cercli stand out?
According to CEO Azmi, the company’s AI-first approach is pivotal. He states, “The legacy systems of the last 20 years—your SAPs, Oracles, Workdays—were built for on-prem and the cloud. Now we’re entering an AI-native world.” This vision led Cercli to completely overhaul its payroll engine, making it compatible with multiple countries and efficient across various jurisdictions.
Azmi and Reche recognized the challenges enterprises face with fragmented HR systems during their tenures at Careem and Kitopi. Their initial focus was on creating a platform that consolidates HR management, payroll, and compliance for businesses operating globally. The goal was to simplify the complex landscape of payroll spread across multiple systems, especially given the varying compliance needs by region.
Strategic Expansion and Market Potential
Over the past year, Cercli has revamped its recruitment module to offer agent-driven features. These enhancements allow the platform to generate candidate lists from internal datasets and implement background checks efficiently. The startup’s internal operations are also AI-driven, with custom-built treasury and reconciliation agents managing its finances.
This focus on technology has not only allowed Cercli to close its Series A funding but also to maintain a 21% month-to-month revenue growth rate, according to Azmi. The company is attracting a diverse range of clients, from startups to multinationals such as Vision Bank and the Global Climate Finance Centre.
Moreover, this Series A round is notably Picus Capital’s first investment in the MENA region. The firm has previously backed global HR companies, including Personio and Multiplier. Other participants in this funding round include Knollwood Investment Advisory and returning investors like Y Combinator, Afore Capital, and COTU Ventures.
With the new funding, Cercli plans to develop additional AI-native products and expand its market presence within the projected $5.8 billion HR software opportunity in MENA. Robin Godenrath, founding partner at Picus Capital, expressed enthusiasm for the investment, stating, “We’ve seen this business model succeed globally within our portfolio, and we are excited to back Cercli as they continue to grow market share through new customers and product launches.”
As Cercli continues to innovate and adapt to the demands of modern businesses, its focus on an AI-native approach may well provide the competitive edge necessary to thrive in the evolving HR technology landscape of the MENA region.
