Dubai-based startup alfii has successfully raised $2.5 million in a pre-seed funding round aimed at expanding its team and product offerings. This human resources technology (HR tech) startup aims to assist growing businesses in managing their HR workload while providing a better employee experience.
Leading the fundraising were US-based Preface Ventures, Kayan Ventures, UAE-based Aditum Ventures, and Wayfinders, along with several local and regional angel investors. The funds will be used to further develop and enhance alfii’s fintech-powered software platform. The focus will primarily be on providing an enhanced suite of payroll features, offering clients smarter and faster ways to manage payroll and salary disbursements.
The startup also plans to invest heavily in engineering and product talent in order to expand its product feature set and optimize the user experience. Additionally, alfii has plans to gradually introduce new features that address core HR processes like onboarding, time tracking, time off and leave management, and more.
Alfii’s CEO and Co-Founder, Yousef Albarqawi, expressed the company’s ambitions, stating, We are looking to build the next generation of this product class, and we are building it entirely in-house — which means we need to bring on world-class talent to grow our business and better serve our customers.
Preface Ventures General Partner, Farooq Abbasi, highlighted the industry-wide challenge of data interoperability in the HR stack, which is further aggravated in developing regions like MENA due to local and regulatory infrastructure. Abbasi sees the potential of alfii’s all-in-one software suite to help companies better understand and manage their human capital resources while improving the employee experience with features like digital-to-cash remittances and benefits selection.
With this funding round, alfii aims to solidify its position in the market and continue developing innovative solutions to meet the evolving HR needs of businesses. By attracting top talent and expanding its product offerings, the startup is well-positioned for growth in the rapidly advancing HR tech sector.
As alfii continues to make strides in the HR tech industry, the funding secured in this round will undoubtedly contribute to its success. The expansion of its team and product suite will allow alfii to better serve its customers and become a leading player in the HR tech market. With its focus on providing smart, efficient, and user-friendly solutions, alfii is well-positioned to revolutionize the way businesses manage their human resources.
