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Palm.hr raises $5M, embarks on MENA growth

Palm.hr raises $5M, embarks on MENA growth

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A few years ago, Richard Schrems was working as a human resources consultant in Riyadh, and at one point sought to implement a tech-solution for his clients to help them better their huge teams, but couldn’t find a localized solution.

Saudi Arabia-based HR-tech start-up Palm.hr has raised $5m in a pre-Series A funding round led by Speedinvest, with participation from RAED Ventures and Wamda Capital. Palm.hr was founded in 2019 by Richard Schrems and offers an employee-focused HR solution. The company plans to expand to the UAE and Egypt and offer new services, including fintech and insurtech products such as loans, asset financing and insurance. The global HR tech market is predicted to grow at 9.08% CAGR to reach $53.3bn by 2028.


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