Cercli Raises $12M to Revolutionize MENA HR with AI
Cercli, a Dubai-based startup, is tackling the fragmented landscape of enterprise systems in the Middle East and North Africa (MENA) region with an integrated, AI-powered platform. Founded by former executives from Careem, Akeed Azmi and David Reche, the company recently secured $12 million in a Series A funding round led by Picus Capital, a European venture capital firm.
This funding follows a previous seed round and marks a strategic pivot for Cercli. Instead of simply consolidating existing HR tools, Cercli is rebuilding its platform from the ground up, embedding artificial intelligence at its core. This reimagined approach aims to streamline human resources management, payroll processing, and compliance procedures for businesses operating across the MENA region and beyond.
Cercli's bet on an AI-centric strategy seems to be paying off. The company has reported a tenfold increase in revenue over the past year, currently processing over $100 million in annual payroll for various organizations across 50 nations.
Despite a crowded HR technology sector, with established players like SAP and Oracle, and emerging startups offering similar solutions, Cercli's CEO, Azmi, believes that its AI-first approach provides a distinctive advantage. Having experienced the challenges of managing people operations across multiple systems and regions firsthand at Careem and Kitopi, Azmi and Reche recognized the need for a more unified and efficient solution.
The company has re-engineered its payroll engine to be multi-country compatible and AI-driven, allowing for scalability across global jurisdictions. Similarly, its recruitment module incorporates intelligent agents to identify suitable candidates, leverage internal data sources, and automate background checks.
Cercli's internal operations are also powered by AI, utilizing custom-built treasury and reconciliation tools to manage finances and accounting. According to Azmi, this internal automation has allowed the 14-person team to close the Series A round while maintaining impressive monthly revenue growth.
Beyond AI, Azmi highlights the importance of consolidation. In a market often characterized by disparate software solutions for tasks like expense tracking, payroll, and recruiting, Cercli offers a unified platform. This integration, facilitated by its AI-native architecture, allows for quicker onboarding processes, potentially reducing setup times from months to just a few days. This speed and efficiency have attracted a diverse client base, including banks, climate finance organizations, and technology firms.
Picus Capital's investment in Cercli marks their initial venture in the MENA region. Robin Godenrath, a founding partner at Picus Capital, expressed confidence in Cercli's ability to gain market share through new customer acquisitions and product developments, drawing parallels with the success of other HR technology companies within their portfolio.
With the new funding, Cercli plans to expand its AI-driven product offerings and capture a larger share of the growing HR software market in the MENA region. Other investors participating in the Series A round include Knollwood Investment Advisory, Y Combinator, Afore Capital, and COTU Ventures.
